GL-GG

Summary

General License GG authorizes the wind down of transactions prohibited by the Iranian Transactions and Sanctions Regulations (ITSR, 31 CFR part 560) that are ordinarily incident and necessary to winding down any transaction involving Karnakis and Karnakis or any entity in which it holds a 50 percent or greater interest. It also authorizes transactions involving individuals blocked under the ITSR who are acting solely in their official capacity as officers, employees, or authorized representatives of those entities, to the extent necessary to effectuate the authorized wind-down transactions.

Authorized activities

• Wind down of transactions involving Karnakis and Karnakis Entities (entities with 50% or greater ownership by Karnakis and Karnakis)
• Transactions with blocked individuals acting solely in official capacity as officers, employees, or authorized representatives of Karnakis and Karnakis Entities, to the extent incident and necessary to effectuate the authorized wind-down

Conditions

Any payment to a blocked person must be made into a blocked account in accordance with the ITSR. The license does not authorize transactions involving any person blocked pursuant to the ITSR other than the blocked persons described in paragraphs (a) and (b), unless separately authorized.