OFSI General Licences – Russia

OFSI has issued one new General Licence and amended an existing one, under Regulation 64 of the Russia (Sanctions) (EU Exit) Regulations.

On 6 April 2022, OFSI issued General Licence INT/2022/1544176 which allows for a 30 day wind down period of positions involving Credit Bank of Moscow. 

Under General Licence INT/2022/1544176 a Person (other than the Designated Person (DP) or a Subsidiary) may wind down any transactions to which it is a party, involving the DPs or a Subsidiary including the closing out of any positions, and a Person, Relevant Institution, or the DPs or a Subsidiary can carry out any activity reasonably necessary to effect this.

This General Licence takes effect from 06 April 2022 and expires on 06 May 2022.

General Licence INT/2022/1277877 has also been amended. Now that Sberbank is subject to an asset freeze under the Russia (Sanctions) (EU Exit) Regulations 2019, this amendment ensures that the General Licence in respect of energy related payments may continue to be used