OFSI issues 1 GL and amends 1 GL

OFSI has issued General Licence INT/2022/2104808 under Regulation 64 of the Russia (Sanctions) (EU Exit) Regulations 2019. 

Under General Licence INT/2022/2104808, a bank is allowed to take payment of bank fees from frozen accounts. 

This licence takes effect from 22 August 2022 and is of indefinite duration. 

OFSI has also amended General Licence INT/2022/1280876. This licence allows basic needs and other payments related to subsidiaries of designated Russian banks. It has been amended to include Guernsey subsidiary VTBC Asset Management International Limited and EU subsidiary VTB Bank (Europe) SE (VTBE) and any entity owned or controlled by VTBE incorporated in Germany. 

This licence took effect on 1 March 2022 and expires on 3 April 2023. 

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