In conjunction with the new E.O., the US Treasury Department of Foreign Assets Control (OFAC) has issued a general licence authorising all transactions which were prohibited by the Sudanese Sanctions Regulations (SSR) (31 C.F.R. part 538-40). This will permit U.S. persons to process transactions involving persons in Sudan; to engage in imports and exports that were previously prohibited under the SSR; and to engage in transactions involving property in which the Government of Sudan has an interest. As a result of the amendments to the SSR:
- All property and interests in property blocked pursuant to the SSR will be unblocked;
- All trade between the United States and Sudan that was previously prohibited by the SSR will be authorized;
- All transactions by U.S. persons relating to the petroleum or petrochemical industries in Sudan that were previously prohibited by the SSR will be authorized, including oilfield services and oil and gas pipelines; and
- U.S. persons will no longer be prohibited from facilitating transactions between Sudan and third countries, to the extent previously prohibited by the SSR.
However, the revocation will only become effective if, prior to July 12, 2017, the US Secretary of State has published a notice in the Federal Register stating that the Government of Sudan has sustained the positive steps taken over the last six months.
Source: The Standard P&I Club