April 4, 2022

OFSI issues general license to address debt issued by certain Russian banks before March 1, 2022

On April 1, 2022, the UK’s Office of Financial Sanctions Implementation issued a new general license under Regulation 64 of the Russia (Sanctions) (EU Exit) Regulations 2019 related to payments by the Central Bank of the Russian Federation, the National Wealth Fund of the Russian Federation, or the Ministry of Finance of the Russian Federation or persons owned or controlled by or acting on behalf of these banks.  General License INT/2022/1495176 authorizes a Person to receive and transfer non-rouble interest/coupon or maturity/principal payments from the named banks (or persons set out in regulation 18A (2) (d) – (e) of the Russia Regulations) as long as the debt was issued by these entities before March 1, 2022.  A Person or Relevant Institution is permitted to carry out any activity reasonably necessary to effect this.  This general license expires on June 30, 2022.

General License INT/2022/1495176