OFSI issues General Licence

OFSI has issued General Licence INT/2022/1552576 under Regulation 32 of the Republic of Belarus (Sanctions) (EU Exit) Regulations 2019 and under Regulation 64 of the Russia (Sanctions) (EU Exit) Regulations 2019. 

Under General Licence INT/2022/1552576, Designated Persons (“DPs”), companies controlled by DPs or their legal representatives are allowed to make payments to the London Court of International Arbitration (“LCIA”) to cover their arbitration costs. General Licence INT/2022/1552576 also permits the LCIA to direct and receive such payments to use them to pay for arbitration costs and Relevant Institutions to process those payments.

This licence takes effect from 17 October 2022 and is of indefinite duration.