U.S. Department of the Treasury Issues Update to IP-related Transactions in Russia
On May 5, 2022, the Office of Foreign Assets Control of the U.S. Department of the Treasury published General License No. 31, which authorizes certain intellectual property-related transactions in Russia, including the filing and prosecution of any application to obtain a patent, trademark, or copyright, as well as payment of renewal and maintenance fees. The general license authorizes transactions that were previously prohibited by the Russian Harmful Foreign Activities Sanctions Regulations (31 C.F.R. Part 587) imposed by the U.S. in response to Russia’s invasion of Ukraine.
Under the general license, the following transactions are now authorized:
The general license, however, does not authorize (1) the opening or maintaining of a correspondent account or payable-through account for, or on behalf of, any Russian financial institution subject to the provisions of Executive Order 14024, (2) debits to any Russian financial institution, or (3) importation of products into the U.S. that are prohibited by Executive Orders 14066 or 14068.
Because the situation in Ukraine is ongoing, it is unclear what other measures may be enacted by the U.S. with respect to IP-related transactions in Russia, and how Russia may continue to treat IP owned by U.S. applicants. Therefore, it is important that U.S. applicants continue to monitor the situation and be aware of any major developments that may impact their intellectual property rights.