OFSI has updated its Russia guidance. This coincides with the Russia (Sanctions) (EU Exit) (Amendment) (No. 12) Regulations 2022 (the Amendment 12 Regulations) coming into force.
The guidance has a new section on investments in Russia on page 5 to 6. It also updates the FAQs section on page 8 to 11 to reflect the Russia financial sanctions that have come into force since the Russian invasion of Ukraine.
OFSI has also issued General Licence INT/2022/2002560 under Regulation 64 of the Russia (Sanctions) (EU Exit) Regulations 2019.
General Licence INT/2022/2002560 allows for a 7-day wind down period in respect of the outward investment ban outlined in the Amendment 12 Regulations.
This licence takes effect from 19 July 2022 and expires on 26 July 2022. All the active general licences issued by OFSI are on gov.uk.
Note: OFSI has published two Russia-related guidance documents. This one is the 15 page PDF entitled “Russia Guidance”, subtitled “Guidance for the financial and investment restrictions in Russia (Snactions) (EU Exit) Regulations 2019”. The other one, issued jointly by the Export Control Joint Unit (ECJU), OFSI and the Foreign, Commonwealth & Development Office (FCDO), is a web page with the heading of “Statutory guidance” and titled “Russia sanctions: guidance”. It was last updated yesterday and is located here.
Another note: although the text above, and the related documents refer to INT/2022/2002560, the web page with the list of licenses uses periods instead of slashes (INT.2022.2002560). Mr. Watchlist will point this out to OFSI….
General Licence INT/2022/2002560 – Publication Notice, General Licence
Categories: Guidance Licenses OFSI Updates Russia sanctions Wind Down Activities
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