The US Treasury Department has extended the opportunity for its citizens to make transactions in favor of Russian government agencies until October 9, 2024

The US Department of the Treasury has extended the validity of the document allowing payments to be made in favor of the Russian Federation. Such an extension may be the last due to the imminent entry into force of the Decree of the President of the Russian Federation on the partial cancellation of agreements with the United States of America on the offset of tax deductions.

The Office of Foreign Assets Control of the United States of America issued Directive 4 on May 19, 2023. This directive prohibited any transactions in favor of the Central Bank of Russia, the National Welfare Fund and the Ministry of Finance of Russia, as well as other actions aimed at direct violation of the above prohibitions.

However, US taxpayers were given a grace period, which was recently extended until the 9^th of October. However, not all transactions are eligible for the grace period.

• Permitted transactions

The US Treasury Department allows to make all transactions that fall within the definition of current activities and normal turnover.

• Following transactions are not allowed under the Directive

1. Opening or maintaining a correspondent account or current account for or on behalf of foreign financial institutions that are determined to be prohibited by other directives.
2. Prohibitions related to correspondent or settlement accounts and the processing of transactions involving certain foreign financial institutions.
3. Any withdrawal from a US financial institution account with the Central Bank of the Russian Federation, the National Welfare Fund of the Russian Federation, or the Ministry of Finance of the Russian Federation.
4. Any other actions under the directives.