U.S. Treasury Publishes General License 132 for Paks II Nuclear Project

Estimated reading time: 3–5 minutes

Date: 2026-01-20

Source: Federal Register Volume 91, Number 12, Pages 2302-2303

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has published General License (GL) 132. This new license relates to the Russian Harmful Foreign Activities Sanctions Regulations, found at 31 CFR Part 587.

General License 132 was first issued by OFAC on November 21, 2025. The license allows specific transactions that are usually not allowed under Executive Order 14024. These allowed transactions involve the Paks II civil nuclear power plant project, located in Hungary.

The license covers activities involving Paks II Nuclear Power Plant Private Limited Company and any future version of this project.

Under GL 132, the following Russian financial institutions may be involved in authorized transactions related to the Paks II project:

  • Gazprombank Joint Stock Company
  • State Corporation Bank for Development and Foreign Economic Affairs Vnesheconombank
  • Public Joint Stock Company Bank Financial Corporation Otkritie
  • Sovcombank Open Joint Stock Company
  • Public Joint Stock Company Sberbank of Russia
  • VTB Bank Public Joint Stock Company
  • Joint Stock Company Alfa-Bank
  • Public Joint Stock Company Rosbank
  • Bank Zenit Public Joint Stock Company
  • Bank Saint-Petersburg Public Joint Stock Company
  • National Clearing Center (NCC)
  • Any entity where one or more of these institutions own 50% or more
  • The Central Bank of the Russian Federation

However, General License 132 does not allow everything. The following actions remain prohibited:

  • Opening or keeping a correspondent or payable-through account for any person under Directive 2 of E.O. 14024.
  • Debiting an account at a U.S. financial institution that belongs to:
    • The Central Bank of the Russian Federation
    • The National Wealth Fund of the Russian Federation
    • The Ministry of Finance of the Russian Federation
  • Any transaction still prohibited under the Russian Harmful Foreign Activities Sanctions Regulations, except for the transactions listed in paragraph (a) of this license. These still require separate permission if not clearly covered.

General License 132 and related information can be found on OFAC’s official website at https://ofac.treasury.gov.

Bradley T. Smith, Director of OFAC, signed the general license on November 21, 2025.

The Federal Register published this information under docket number 2026-00952. The document was filed on January 16, 2026, and made public on January 20, 2026.

For further inquiries, contact the OFAC Assistant Director for Regulatory Affairs at 202-622-4855 or online via https://ofac.treasury.gov/contact-ofac.


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