April 4, 2024

OFSI issues general license to enable transit to port and wind down transactions involving two designated entities

On March 28, 2024, the UK Office of Financial Sanctions Implementation issued General License INT/2024/4576632 under Regulation 64 of the Russia (Sanctions) (EU Exit) Regulations 2019 to temporarily allow certain transactions involving Active Denizcilik ve Gemi Isletmeciligi Anomin Sirketi (“Active Denizcilik”) and Beks Ship Management and Trading Joint Stock Company (“Beks”), two designated companies.  General License INT/2024/4576632 enables Persons, including Active Denizcilik and Beks (together, the “DPs”), to provide certain insurance-related services related to Transit to Port and engage in certain wind down transactions.  The general license enables payments of up to $850,000 for Insurers and up to $3,732,000 for Additional Service Providers.  The general license also enables Persons to engage in wind down transactions, including the closing out of any positions, that involve Active Denizcilik, Beks, or vessels for which they act as a commercial and/or technical manager.  The general license permits these payments until June 11, 2024.

Under General License INT/2024/4576632, any Person, including DPs, that use this license to make a payment must report the payment to HM Treasury within 14 days.  They must also provide HM Treasury with payment details, including the type of payment; payment amount; the payment route used; and the date that funds were paid.

General License INT/2024/4576632 | Publication Notice – General License INT/2024/4576632