GL-84

Summary

General License No. 84 authorizes U.S. financial institutions that maintain correspondent accounts or payable-through accounts for foreign financial institutions subject to the CAPTA prohibition of E.O. 14024 to engage in limited wind-down transactions during a 10-day period following the imposition of the prohibition. Authorized transactions are strictly limited to those necessary to close the account, including processing closure transactions and transferring remaining funds to an account of the foreign financial institution located outside the United States. The license does not extend to any transactions otherwise prohibited by the Russian Harmful Foreign Activities Sanctions Regulations (RuHSR), including those involving blocked persons.

Authorized activities

• Processing only those transactions through the account, or permitting the foreign financial institution to execute only those transactions through the account, for the purpose of, and necessary for, closing the account
• Transferring the funds remaining in the correspondent account or the payable-through account to an account of the foreign financial institution located outside of the United States and closing of the correspondent account or the payable-through account

Conditions

The license does not authorize any transactions otherwise prohibited by the RuHSR, including transactions involving any person blocked pursuant to the RuHSR, unless separately authorized. Authorized transactions are limited to those occurring during the 10-day period beginning on the effective date of the imposition of the CAPTA prohibition and must be for the purpose of, and necessary for, closing the account.