On June 5, 2023, the UK Office of Financial Sanctions Implementation amended General License INT/2022/1552576, which was issued on October 17, 2022 under Regulation 64 of the Russia (Sanctions) (EU Exit) Regulations 2019 and Regulation 32 of the Republic of Belarus (Sanctions) (EU Exit) Regulations 2019 to authorize Designated Persons (“DPs”), their companies or their legal representatives to make or receive payments from the London Court of International Arbitration (“LCIA”) to cover arbitration costs. The amendment updates the definition of DP and defines the terms “non-DP Arbitral Parties” and “DP Representatives.” The amendment also authorizes DP Representatives to pay funds to the LCIA to cover arbitration costs and enables the LCIA to use these funds to pay for arbitration costs. In addition, it permits DPs or DP Representatives to transfer funds to their Legal Representatives for the purpose of forwarding them to the LCIA to cover arbitration costs and enables Legal Representatives to receive such payments to be forwarded to the LCIA. Finally, the amendment enables non-DP Arbitral Parties to pay Substitute Deposits to the LCIA.
General License INT/2022/1552576 also authorizes Relevant Institutions to process these arbitration-related payments. This general license has an indefinite duration but can be varied, revoked or suspended by HM Treasury at any time.
Amended General License – INT/2022/1552576 | Publication Notice – Amended General License INT/2022/1552576