On January 8, 2025, the UK Office of Financial Sanctions Implementation amended General License INT/2022/1280876, which has been amended several times since it was issued on March 1, 2022 under Regulation 64 of the Russia (Sanctions) (EU Exit) Regulation 2019. The license was initially issued to enable certain UK subsidiaries, including VTB Capital plc and its subsidiaries incorporated in the United Kingdom, and certain EU subsidiaries and a Guernsey subsidiary to make or receive payments related to basic needs, routine holding and maintenance, legal fees and insolvency. These payments are temporarily authorized until April 3, 2030. In the most recent amendment, OFSI added Permission 5.3 to the general license, which enables certain deductions to be made on distributions related to VTB Bank PJSC claims and prohibits the payment of statutory interest on these distributions under certain circumstances.
General License INT/2022/1280876 | Publication Notice – General License INT/2022/1280876