August 17, 2022

OFSI issues Russia related general license authorizing Mongolia energy payments

The UK Office of Financial Sanctions Implementation recently issued a new general license under Regulation 64 of the Russia (Sanctions) (EU Exit) Regulations 2019.  On August 15, 2022, OFSI issued General License INT/2022/2085212 to temporarily authorize payments to certain Sanctioned Banks or Subsidiaries for the purpose of making energy available for use in Mongolia.  The general license specifies that the term “Sanctioned Banks”  refers to the Credit Bank of Moscow, Gazprombank, Sberbank, and Rosbank PJSC.  Persons, Relevant Institutions, Sanctioned Banks or their Subsidiaries are permitted to engage in any activity that is reasonably necessary to accomplish this.  Any Person that utilizes this general license is required to keep accurate records of the payments and activities for a minimum of 6 years.  The license expires on August 14, 2023.

General License – INT/2022/2085212 | General License – INT/2022/2085212