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New Russia-related OFSI General Licence for winding down derivatives

OFSI General Licences – Russia

OFSI has issued a General licence – INT/2022/1381276 under Regulation 64 of the Russia (Sanctions) (EU Exit) Regulations 2019.

For the purposes of General Licence INT/2022/1381276 the entities referred to above consist of the:

  • Central Bank of the Russian Federation (CBR)
  • National Wealth Fund of the Russian Federation (NWF)
  • Ministry of Finance of the Russian Federation (MF)

Under General Licence INT/2022/1381276 a Person may provide financial services for the purposes of winding down any derivatives, repurchase, and reverse repurchase transactions entered into prior to 1st March 2022 with the CBR, the NWF or the MF. A Person or Relevant Institution, can carry out any activity reasonably necessary to effect this.

This licence takes effect from 22 March 2022 and expires on 2 May 2022.

Further details in relation to General Licence INT/2022/1381276 as well as copies of the General Licences, can be found at the link below.

Click here

Note: The General Licences page has the wrong number for the new General Licence – they show 1298776. However, the documents have the correct number.

Links:

General Licence INT/2022/1381276 – Publication Notice, General Licence

Categories: Licenses OFSI Updates Russia sanctions

eric9to5

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