October 18, 2022

UK issues new Russia- and Belarus-related general license to authorize arbitration payments

On October 17, 2022, the Office of Financial Sanctions Implementation issued a new general license under Regulation 32 of the Republic of Belarus (Sanctions) (EU Exit) Regulations 2019 and under Regulation 64 of the Russia(Sanctions)(EU Exit) Regulations 2019.  General License INT/2022/1552576 authorizes Designated Persons (“DPs”), and companies owned or controlled by DPs or their legal representatives, to make or receive payments from the London Court of International Arbitration (“LCIA”) to cover arbitration costs. The authorization also allows Relevant Institutions to process these arbitration-related payments.  The general license has an indefinite duration but can be varied, revoked or suspended by HM Treasury at any time.

General License INT/2022/1552576 | Publication Notice – General License INT/2022/1552576