OFAC allows Rusal to sign new contracts under ‘maintenance’ of existing deals

The United States office of Foreign Assets Control (OFAC) has said it will allow Russian aluminium producer UC Rusal to negotiate some new contracts with existing customers, provided they are "consistent with past practices".

In an update on Friday September 14, OFAC suggested that Rusal can negotiate and sign some new contracts that fall under their definition of the ‘maintenance’ of pre-existing contracts.
“Maintenance generally includes all transactions and activities ordinarily incident to performing under a contract or agreement in effect prior to April 6, 2018, provided that the level of performance is… consistent with past practices that existed between the party and the blocked entity prior to April 6, 2018,” it said.

OFAC will consider the transaction history between the party and Rusal...


Alice Mason

September 17, 2018

12:48 GMT