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OFSI amends two Russia General Licences

OFSI amends General Licences – Russia

OFSI has amended 2 General Licences – INT/2022/1280876 and INT/2022/1438977under Regulation 64 of the Russia (Sanctions) (EU Exit) Regulations.

On 1 April 2022, OFSI amended General Licence INT/2022/1280876 to allow any payments in connection with the Insolvency Proceedings of the UK subsidiary of VTB.

Any person, including any subsidiary of VTB incorporated in the UK, may make, receive or process any payments, or take any other action, in connection with any Insolvency Proceedings relating to the UK Subsidiary.

This General Licence took effect on 01 March 2022 and expires on 01 March 2023.

General Licence INT/2022/1438977 was amended on 4 April 2022 to permit persons or a relevant institution to process payments or transactions related to the sale and transfer of the Joint Venture’s shares by the DP.

This General Licence took effect on 25 March 2022 and expires on 23 May 2022.

Categories: Licenses OFSI Updates Russia sanctions

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