OFSI General Licence:
Wind down of Positions involving VTB Bank

OFSI has issued General Licence INT/2022/1272278 under Regulation 64 of The Russia (Sanctions) (EU Exit) Regulations 2019.

This General Licence states that a person or relevant institution may wind down any transactions to which it is party, involving VTB Bank or the UK Subsidiary including the closing out of any positions, and a Person, Relevant Institution, or the DP or the UK Subsidiary can carry out any activity reasonably necessary to effect this.

This licence takes effect from 25 February 2022 and expires on 27 March 2022.

Further details in relation to General Licence INT/2022/1272278 as well as a copy the General Licence can be found at the link below.

Any persons intending to use this General Licence should consult the copy of the Licence and refer to OFSI’s General Guidance.