US Suspends Sanctions

Belarus: US suspends Sanctions against Belarusian Companies.

On 29 October 2015, the US Department of the Treasury eased the sanctions regime against the Republic of Belarus by issuing a so-called general license.

Starting from 30 October 2015, transactions involving the following Belarusian companies blocked by executive order no 13405 are authorised:

1) Unitary enterprise “Belarusian Oil Trading House”,
2) Concern “Belneftekhim”,
3) Belneftekhim USA, Inc.,
4) Public Limited Company “Belshina”,
5) Public Limited Company “Grondo Azot”,
6) Public Limited Company “Grodno Khimvolokno”,
7) Public Limited Company “Lakokraska”,
8) Public Limited Company “Naftan”,
9) Public Limited Company “Polotsk Steklovolokno”.

The suspension of sanctions will be in effect until 30 April 2016.

It has to be taken into consideration that the relevant US authority must be notified of those transactions or series of transactions whose value exceeds USD 10,000.

Source: General License no 2 issued by Office of Foreign Assets Control on 29 October 2015.

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