Amendment to OFSI General Licence Notice
OFSI has amended the notice for General licence INT/2022/1424276 under Regulation 64 of the Russia (Sanctions) (EU Exit) Regulations 2019.
General Licence INT/2022/1424276 pertains to Alfa Bank JSC, GazPromBank, Rosselkhozbank, SMP Bank and the Ural Bank for Reconstruction and Development. It allows a person (other than the DPs or a subsidiary) to wind down any transactions to which it is a party involving the DPs or a subsidiary including the closing out of any positions.
The amendment to the notice reads:
“Regarding whether funds owed by the DPs ought to be placed into a blocked account, General Licence INT/2022/1424276 does not contain a requirement that funds becoming payable to the DPs as a necessary part of a person winding down any transactions they have with the DPs be paid into a frozen account. With regard to funds becoming payable to any subsidiary of the DPs as a necessary part of a person winding down any transactions they have with those subsidiaries needing to be paid into a frozen account, OFSI does not provide legal advice but without prejudice to that we suggest you consider how the ownership and control provisions in the Russia Regulations could apply to such payment.”
This licence took effect from 24 March 2022 and expires on 23 April 2022.