Menu Home

Two new OFSI General Licences for Russia & Belarus

OFSI General Licences – Russia and Belarus

OFSI has issued 2 General licences today – INT/2022/1424276 under Regulation 64 of the Russia (Sanctions) (EU Exit) Regulations 2019 and INT/2022/1424277 under Regulation 32 of the Republic of Belarus (Sanctions) (EU Exit) Regulations 2019.

Under General Licence INT/2022/1424276, the designated persons (DPs) are 

  • Alfa Bank JSC
  • GazPromBank
  • Rosselkhozbank
  • SMP Bank 
  • Ural Bank for Reconstruction and Development
  • Subsidiaries of the DPs 

The GL permits a person (other than the DPs or a subsidiary) to wind down any transactions to which it is party including the closing out of positions. A person, relevant institution, or the DPs or a subsidiary, can carry out any activity reasonably necessary to effect this. This licence takes effect on 24 March 2022 and expires on 23 April 2022.   

General Licence INT/2022/1424277 allows a person to wind down any transactions to which it is party including the closing out of positions with Bank Dabrabyt Joint Stock Company or its subsidiaries. This licence also takes effect on 24 March 2022 and expires on 23 April 2022.   

OFSI has also amended General Licence INT/2022/1381276. The amendment clarifies that:

“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 1 March 2022 with the CBR, the NWF or the MF or those persons set out in regulation 18A d to e of the Russia Regulations. A Person or Relevant Institution can carry out any activity reasonably necessary to effect this.”

Links:

Categories: Belarus Sanctions Licenses OFSI Updates Russia sanctions

eric9to5

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: