On July 5, 2022, the UK Office of Financial Sanctions Implementation issued two new general licenses under Regulation 32 of the Republic of Belarus (Sanctions) (EU Exit) Regulations 2019. General License INT/2022/1976232 to temporarily allow for the winding down of derivatives, repurchase, and reverse repurchase transactions entered into prior to July 5, 2022 with the National Bank or Belarus, the Ministry of Finance of Belarus or those persons set out in Belarus Regulations 15CA(2) (c) and (d). Any Person that utilizes this general license is required to keep accurate records of the payments and activities for a minimum of 6 years. This license expires on August 4, 2022.
On the same day, OFSI issued General License INT/2022/1976332 which also relates to transactions defined by Belarus Regulation 15. This general license authorizes a 7-day wind down for transactions involving category C loans, as defined by Regulation 15B(5), and transferable securities and money market instruments, as defined by Regulation 15A(2C). Any Person that utilizes this general license is required to keep accurate records of the payments and activities for a minimum of 6 years. This license expires on July 12, 2022.
General License INT/2022/1976232 | Publication Notice – GL INT/2022/1976232 | General License – INT/2022/1976332 | Publication Notice – GL INT/2022/1976332