OFSI issues Russia-related general license regarding wind down of derivatives transactions by certain Russian financial institutions

On March 22, 2022, the UK’s Office of Financial Sanctions Implementation issued General License INT/2022/1381276 under Regulation 64 of the Russia (Sanctions) (EU Exit) Regulations 2019 to temporarily allow for the winding down of derivatives, repurchase and reverse repurchase transactions involving the Central Bank of the Russian Federation (CBR), the National Wealth Fund of the Russian Federation (NWF), and the Ministry of Finance of the Russian Federation (MF).  This general license enables a Person to provide financial services in order to wind down derivatives, repurchase, and reverse repurchase transactions entered into prior to March 1, 2022 with the named entities or with “persons set out in regulation 18A d to e of the Russia Regulations.” A Person or Relevant Institution may engage in any activity reasonably necessary to effect this.  This general license expires on May 2, 2022.  

OFSI encourages persons intending to use this general license to consult a copy of the license for full details of the permissions and usage requirements.

General License - INT/2022/1381276

 
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