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Another day, another pair of OFSI Russia General Licences

OFSI General Licences – Russia

OFSI has issued 2 General Licences INT/2022/1280876 and INT/2022/1280976 under The Russia (Sanctions) (EU Exit) Regulations 2019.

The new General Licences both relate to VTB Capital and its UK subsidiaries and:

  • Allow VTB Capital and its UK subsidiaries to make payments, including for basic needs, reasonable fees or service charges arising from routine holding and maintenance of its frozen funds and economic resources, and reasonable professional fees for the provision of  legal services (INT/2022/1280876)
  • Allow relevant financial authorities to do anything with regard to VTB Capital and its UK subsidiaries related to prudential supervision, or protecting, maintaining or enhancing the financial stability of the UK (INT/2022/1280976)

These licences take effect from 1 March 2022 and expire on 1 March 2023.

Further details in relation to General Licence INT/2022/1280876 and INT/2022/1280976 as well as copies of the General Licences, can be found at the link below.

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


General Licences

Categories: Licenses OFSI Updates Russia sanctions


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