May 30, 2024

OFSI reissues Russia-related general license to permit the use of banking services of designated financial institutions

On May 28, 2024, the Office of Financial Sanctions Implementation reissued General License INT/2024/4761108 under regulation 64 of the Russia (Sanctions) (EU Exit) Regulation 2019, to temporarily enable Persons to use retail banking services of designated Credit Institutions or Financial Institutions, provided that the payments are intended for their personal use.  This general license expires on May 27, 2026.  Examples of “personal use” include, but are not limited to, remittances from the Person’s immediate family members to help with living expenses or tuition fees.  The general license provides that Persons can only make payments in accordance with paragraph 4.1 if the total value of the payments does not exceed £50,000.

Relevant Institutions that process payments under General License INT/2024/4761108 are required to report the following payment details to HM Treasury within 14 days: the amount processed; the payment route used; and the date that the funds were processed.  The general license also requires Relevant Institutions to keep accurate, complete and readable records of permitted transactions for a minimum of 6 years.

General License INT/2024/4761108 | Publication Notice – General License INT/2024/4761108