Entry into force of sanctions against GAZ was postponed again
Entry into force of sanctions against GAZ was postponed again - What you need to know about this, here is the right place for those of you who are in love with automotive-information.com.
Entry into force of sanctions against GAZ was postponed again
The US authorities have again postponed the entry into force of sanctions against the Russian "GAZ Group" - all American deals with GAZ must be completed by January 26, 2022, before the same date, investors must get rid of the holding's shares. This is reported by TASS with reference to the Office of Foreign Assets Control of the US Treasury Department (OFAC).
The agency has distributed two so-called general licenses, one of which (General License 13P) concerns the extension of the term for disposing of the GAZ Group's assets, and the other (General License 15J) specifies the terms for the extension of transactions with it.
In July of this year, the deadline for the completion of transactions with the GAZ Group was extended until January 22, 2021, that is, now it has been shifted one more year ahead.
GAZ Group is the largest asset of Oleg Deripaska's Russian Machines machine-building holding. The company manufactures light commercial vehicles, trucks, buses, auto components, assembles cars under a contractual scheme for Volkswagen.
According to the original plan, the GAZ Group was supposed to be imposed with restrictions on June 5, 2018, that is, two and a half years ago. However, since then, Russian-American negotiations have been held on the withdrawal of GAZ from sanctions, the result of which is the constant transfer of restrictions.
US sanctions have a "cumulative effect." Formally, the restrictions apply only to US residents, but in reality, they apply to all Western companies. European enterprises that continue to cooperate with Deripaska's firms after January 26, 2022, will be subject to indirect sanctions.
In July 2020, the United States ordered GAZ to submit its financial reports to the US Treasury on a quarterly basis.
The key condition for lifting the sanctions from GAZ Group, put forward by OFAC, is Deripaska's refusal to own it.
In early October 2020, Russian Foreign Minister Sergei Lavrov said that the Swedish Quintus Technologies AB refused to supply GAZ with parts for a unique hydroelastic stamping machine. The Swedish government did not issue a license for their export, as the equipment can be used to produce dual-use items.
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