The United States Department of the Treasury Office of Foreign Assets Control (“OFAC”) has extended a General License for U.S. persons to engage in transactions with Lakokraska OAO and/or Polotsk Steklovolokno OAO.

On September 4, 2008, OFAC issued a general license as to transactions these two entities which were originally designated under Executive Order 13405 on May 15, 2008. The extension announced today will extend that General License until May 31, 2010. Today’s extension marks the third time that OFAC has extended the original General License.

The main thrust of Executive Order 13405 is to block the assets of persons designated pursuant to that executive order and to prevent the transfer, payment, exportation, withdrawal, or otherwise dealt with by any person deemed to be responsible for, or to have participated in, actions or policies that undermine democratic processes or institutions in Belarus; to be responsible for, or to have participated in, human rights abuses related to political repression in Belarus;to be a senior-level official, a family member of such an official, or a person closely linked to such an official who is responsible for or has engaged in public corruption related to Belarus; to have materially assisted in the support of the activities of any person designated pursuant to this executive order; or who are controlled by any person designated pursuant to this order.

The author of this blog is Erich Ferrari, an attorney specializing in OFAC litigation. If you have any questions please contact him at 202-280-6370 at 202-351-6161 or ferrari@ferrari-legal.com.