This update concerns OFAC sanctions relief and removal of Belarus entities from designations lists, which falls outside the payments compliance taxonomy as it addresses geopolitical sanctions administration rather than payment services regulation.
While the update mentions Belarusian banks and general licenses, it does not regulate payment transmission services, money transmitter licensing, or MSB compliance obligations specific to US money transmission.
Specialism
The update explicitly concerns OFAC's removal of Belarus entities from sanctions designations and the issuance of a general license authorizing transactions, which directly addresses sanctions restrictions on payment activity.
Low confidence — requires human review. While the update involves regulatory action by OFAC, it is primarily a sanctions policy change rather than ongoing supervision or enforcement of payment firms.
2026-03-26 17:36:35·pdonofrio@vixio.com
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TITLE: United States Office of Foreign Assets Control Removes Belarus Designations and Issues General License
BODY:
On March 26, 2026, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) issued Belarus General License 14, authorising transactions involving Belarusian Bank of Development and Reconstruction Belinvestbank Joint Stock Company and certain additional entities.
In consultation with the U.S. Department of State, OFAC determined that circumstances no longer warrant the prohibitions imposed on the Ministry of Finance of the Republic of Belarus and the Development Bank of the Republic of Belarus under Directive 1 pursuant to sections 1(a)(ii), 1(b), and 8 of Executive Order 14038. Accordingly, OFAC rescinded Directive 1 under Executive Order 14038. Following these determinations, OFAC archived Belarus General License 13 as it is no longer applicable.
OFAC removed multiple entities from its Specially Designated Nationals and Blocked Persons List, including Belaruskali (also known as Belarusian Potash Company) and its various corporate iterations, and Agrorozkvit LLC, a Ukrainian-registered entity. The removals reflect the updated sanctions posture toward Belarus-related entities and individuals previously subject to asset-blocking restrictions.
REFERENCES:
Office of Foreign Assets Control. (2026, March 26). Belarus Designations Removals; Issuance of Belarus General License; Rescission of Belarus Directive 1. Retrieved from https://ofac.treasury.gov/recent-actions