OFSI General Licences – Belarus

OFSI has issued two new General Licences to coincide with The Republic of Belarus (Sanctions) (EU Exit) (Amendment) Regulations 2022 coming into force.

General Licence INT/2022/1976232 allows a period of until 04 August 2022 for a Person to provide financial services for the purpose of winding down any derivatives, repurchase, and reverse repurchase transactions entered into prior to 05 July 2022
involving:

• National Bank of Belarus (NBB);
• Ministry of Finance of Belarus (MF); and
• Those persons set out in regulation 15CA c to d of the Belarus Regulations.

General Licence INT/2022/1976332 allows for a 7-day wind down period in respect of, category C loans (as defined by Regulation 15B (5)) as well as transferable securities and money market instruments (as defined by Regulation 15A (2C)).

Any Persons intending to use the General Licences should consult the copy of them and refer to OFSI’s General Guidance.