June 18, 2023

UK issues new general license to enable derivatives and futures trading related to the supply of Russian oil

The UK Office of Financial Sanctions Implementation recently issued a new general license under regulation 64 of the Russia (Sanctions) EU Exit ) Regulations 2019 (“the Russia Regulations”).  On June 14, 2023, OFSI issued General License INT/2023/3074680 to authorize persons to trade in derivatives and futures related to the supply or delivery of Russian oil and oil products that would otherwise violate regulation 46Z9C of the Russia Regulations.  The general license also enables Derivatives Brokers to provide services related to these transactions and enables Relevant Institutions to process payments related to these activities.

OFSI also recently issued updated industry guidance on the UK Maritime Services Ban and the Oil Price Cap to reflect the new provisions in GL INT/2023/3074680.

General License INT/2023/3074680 | General License INT/2023/3074680 – Publication Notice | UK Maritime Services Ban and Oil Price Cap – Industry Guidance