Treasury Issues License to Close Out Sanctioned Kovay Gardens Business
Published Date: 5/7/2026
Rule
Summary
The Treasury’s Office of Foreign Assets Control (OFAC) is officially sharing a special permission called General License 34. It lets people wrap up business with Kovay Gardens, which was previously blocked due to terrorism and drug trade rules, but only until March 21, 2026. If you’re involved with Kovay Gardens, you need to act fast and follow the rules to avoid any money trouble!
Analyzed Economic Effects
3 provisions identified: 1 benefits, 2 costs, 0 mixed.
Temporary Wind-Down Permission for Kovay Gardens
If you do business with Kovay Gardens, you are allowed to finish (wind down) transactions that would otherwise be blocked under the Global Terrorism Sanctions Regulations and Illicit Drug Trade Sanctions Regulations until 12:01 a.m. eastern daylight time on March 21, 2026. This authorization was issued on February 19, 2026 as General License No. 34.
Payments Must Go Into Blocked Accounts
If a payment to a blocked person is made as part of the wind-down, that payment must be placed into a blocked account in accordance with the Illicit Drug Trade Sanctions Regulations and the Global Terrorism Sanctions Regulations. You must follow those blocked-account rules when completing any authorized wind-down payment.
No Authorization for Other Blocked Persons
The general license does not authorize transactions with any blocked persons other than those described in paragraph (a) (Kovay Gardens and entities it owns 50% or more). Transactions involving other persons blocked under the GTSR or IDTSR remain prohibited unless separately authorized.
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Key Dates
Department and Agencies
Related Federal Register Documents
2026-16573, Notice of OFAC Sanctions Action
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) is publishing the names of one or more persons that have been placed on OFAC's Specially Designated Nationals and Blocked Persons List (SDN List) based on OFAC's determination that one or more applicable legal criteria were satisfied. All property and interests in property subject to U.S. jurisdiction of these persons are blocked, and U.S. persons are generally prohibited from engaging in transactions with them.
2026-16153, Notice of OFAC Sanctions Actions
The U.S. Treasury’s OFAC updated its sanctions list by unblocking one company and two aircraft, meaning their U.S. assets are now free to use. Meanwhile, they updated info on a person from Iraq who remains blocked, keeping their assets frozen. These changes took effect on August 5, 2026, impacting who can access money or property under U.S. rules.
2026-15996, Notice of OFAC Sanctions Action
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) is publishing the names of one or more persons that have been placed on OFAC's Specially Designated Nationals and Blocked Persons List (SDN List) based on OFAC's determination that one or more applicable legal criteria were satisfied. All property and interests in property subject to U.S. jurisdiction of these persons are blocked, and U.S. persons are generally prohibited from engaging in transactions with them.
2026-15849, Notice of OFAC Sanctions Action
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) is publishing the names of one or more persons and vessels that have been placed on OFAC's Specially Designated Nationals and Blocked Persons List (SDN List) based on OFAC's determination that one or more applicable legal criteria were satisfied. All property and interests in property subject to U.S. jurisdiction of these persons are blocked, and U.S. persons are generally prohibited from engaging in transactions with them. The vessels placed on the SDN List have been identified as property in which a blocked person has an interest.
2026-15785, Notice of OFAC Sanctions Action
On July 30, 2026, OFAC lifted sanctions on Cagri Duransoy, unblocking his property and allowing normal dealings again. At the same time, OFAC added new people, like Xin Tang from China, to the sanctions list, freezing their U.S.-based assets and banning U.S. folks from doing business with them. These moves shake up who can and can’t access money or property under U.S. rules, effective immediately.
2026-15356, Notice of OFAC Sanctions Action
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) is publishing the names of one or more persons that have been placed on OFAC's Specially Designated Nationals and Blocked Persons List (SDN List) based on OFAC's determination that one or more applicable legal criteria were satisfied. All property and interests in property subject to U.S. jurisdiction of these persons are blocked, and U.S. persons are generally prohibited from engaging in transactions with them.
Previous / Next Documents
Previous: 2026-09084, Publication of a Belarus Sanctions Regulations Web General License
The Treasury’s Office of Foreign Assets Control (OFAC) published General License 14, allowing certain transactions with specific Belarusian banks and companies that were previously banned. This update affects businesses dealing with these Belarusian entities by easing some restrictions but still blocks certain property and transactions. The license took effect on March 26, 2026, so folks should check the details to stay compliant and avoid money trouble.
Next: 2026-09086, Publication of a Democratic Republic of the Congo Sanctions Regulations Web General License
The U.S. Treasury’s Office of Foreign Assets Control (OFAC) published a special license letting people wrap up business with the Rwanda Defence Force by April 1, 2026. This means certain blocked transactions can be finished legally, but only if payments go into blocked accounts. If you’re involved with the Rwanda Defence Force or its companies, this gives you a clear deadline to close out deals without breaking the rules.