On August 9, 2024, the UK Office of Financial Sanctions Implementation issued one new general license and amended another. OFSI issued General License INT/2024/5028385 under regulation 64 of the Russia (Sanctions)(EU Exit) Regulations 2019, to authorize payments and other permitted activities related to insolvency proceedings involving Luxembourg-based East-West United Bank (“EWUB”), subject to certain conditions. The license enables EWUB and any Insolvency Practitioner to make, receive, or process payments connected to insolvency proceedings, provided that the payments are made to DP Creditors or Shareholders into Frozen Accounts. The license, which expires on August 8, 2029, also enables Relevant Institutions to process payments connected to insolvency proceedings. Persons that utilize this license are required to provide written notice to HM Treasury within 14 days of the first payment. They must also keep accurate and complete records for a minimum of 6 years.
OFSI also updated General License INT/2022/2009156, which was issued under all UK Autonomous Sanctions Regulations, to authorize Designated Persons (“DPs”) to make payments to UK insurance companies in order to pay broker commissions and building and engineering insurance premiums used to cover UK properties. It also enables UK insurers to pay DPs for successful claims or refunds due to DPs for overpayments. The license also enables Relevant Institutions to process transactions permitted by this license. According to the license, it does not apply to DPs also sanctioned by the United Nations. The license has been amended several times since it was issued in 2022. On August 9, 2024, it was amended to cover Employers’ Liability Insurance, which is insurance that covers the cost of claims brought by employees against an employer for claims involving bodily injury or disease that arise in the course of their employment. Those who utilize the license must provide HM Treasury with transactions details within 10 working days of the transaction. They must also keep accurate and complete records for a minimum of 6 years.
General License INT/2024/5028385 | Publication Notice – General License INT/2024/5028385 | General License – INT/2022/2009156 | Publication Notice – General License – INT/2022/2009156