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Winding Down – 2 More OFSI Russia General Licences

OFSI General Licence – Russia

OFSI has issued General Licence INT/2022/1298776.

The General Licence relates to Wind Down of Positions with Sberbank. 

Under the licence:

  • A Person may provide financial services to Sberbank or a subsidiary for the purposes of winding down that activity. A Person, Relevant Institution, Sberbank or Subsidiary can carry out any activity reasonably necessary to effect this.

This licence takes effect from 04 March 2022 and expires on 3 April 2022.

Further details in relation to General Licence INT/2022/1298776 as well as copies of the General Licences, can be found at the link below.

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

As you can see below, there are two new ones, here’s the Publication Notice from the other one:

General licence – INT/2022/1295476

OFSI has the power to issue General Licences for country sanctions regimes under the Sanctions and Anti-Money Laundering Act 2018 (“the Sanctions Act”).

On 04 March 2022, OFSI issued General Licence INT/2022/1295476 under Regulation 64 of The Russia (Sanctions) (EU Exit) Regulations 2019 (“The Russia Regulations”) which allows for a 30-day wind down period of positions involving the Designated Persons (DPs) specified below. Any persons intending to use General Licence INT/2022/1295476 should consult the copy of the Licence on this page for full details of the permissions and usage requirements.

For the purposes of General Licence INT/2022/1295476 the DPs are:

  1. Bank Otkritie;
  2. Promsvyazbank;
  3. Bank Rossiya;
  4. Sovcombank; and
  5. Vnesheconombank (Veb).

A Subsidiary is any entity owned or controlled by any of the DPs; Novikombank is JSCB Novikombank; a Person is an individual, a body of persons corporate or unincorporate, any organisation or any association or combination of persons; and a Relevant Institution is:

• A person that has permission under Part 4A of the Financial Services and Markets Act 2000(3) (permission to carry on regulated activity).
• A person that is authorised or registered under Part 2 of the Payment Services Regulations (SI 2017/752).
• A person that is authorised or registered under Part 2 of the Electronic Money Regulations (SI 2011/99).
• A person that is a “recognised clearing house”, “third country central counterparty”, “recognised CSD” or “third country CSD” for the purposes of s.285 of the Financial Services and Markets Act 2000.
• A person that is an operator of a recognised payment system (or that is a service provider in relation to recognised payment systems) for the purposes of Part 5 of the Banking Act 2009.

Under General Licence INT/2022/1295476 a Person (other than the DPs, Novikombank or a Subsidiary) may wind down any transactions to which it is a party, involving the DPs, Novikombank or a Subsidiary including the closing out of any positions, and a Person, Relevant Institution, or the DPs, Novikombank or a Subsidiary can carry out any activity reasonably necessary to effect this.

General

The permissions in General Licence INT/2022/1295476 do not authorise any act which the person carrying out the act knows, or has reasonable grounds for suspecting, will result in funds or economic resources being made available in breach of The Russia Regulations, save as permitted under licences granted under The Russia Regulations.
General Licence INT/2022/1295476 takes effect from 04 March 2022 and expires on 03 April 2022.

Links:

General Licences:

Categories: Licenses OFSI Updates Russia sanctions

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