OFSI issues Russia-related general licenses to temporarily allow transactions with two global shipping and transport companies

The UK’s Office of Financial Sanctions Implementation recently issued two general licenses under Regulation 64 of the Russia (Sanctions) (EU Exit) Regulations 2019 regarding two global shipping and transport companies.  On March 25, 2022, OFSI issued General License INT/2022/1469378 to temporarily allow for the continuation of business operations involving the Joint Venture GEFCO, or a Subsidiary including GEFCO UK Ltd, GEFCO Forwarding UK, Auto XP Limited, XP Tech Limited or any entity owned or controlled by the designated person (DP) Russian Railways.  This general license enables a Person to continue business operations with the named companies under any obligations or contracts, including payments to or from the named companies or any third parties deemed necessary to the continuation of any obligations or contracts.  This general license expires on May 23, 2022.

On March 29, 2022, OFSI also issued General License INT/2022/1469378 to temporarily allow for wind down activities with designated person (DP) Sovcomflot or a Subsidiary until May 15, 2022.  According to the general license, a Subsidiary is any entity owned or controlled by Sovcomflot.  This general license enables a Person to engage in any wind down transaction to which it is a party and involves the DP or a Subsidiary, including the closing out of any positions.  In addition, a Person, Relevant Institution or the DP or a Subsidiary is permitted to carry out any activity reasonably necessary to effect this.  

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

General License INT/2022/1438977 | General License INT/2022/1469378

You are currently offline.