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OFAC Loosens Sanctions on Oil Products for South Sudan
By Brian Monroe
printThe U.S. Treasury Department Thursday will lift economic restrictions against Sudan that have hampered the growth of the Republic of South Sudan's oil sector and the role of banks in the region. The department's Office of Foreign Assets Control (OFAC) will publish two general licenses authorizing financial transactions and other activity related to South Sudan's petroleum industry and the transshipment of goods, technology and services when such deals involve Sudanese entities, according to a final rule available Wednesday on the Office of the Federal Register's Web site. The licenses are intended to aid landlocked South Sudan, which gained its independence...
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