The U.K. released a General License permitting until June 30 the provision of financial services for receiving and transferring non-ruble denominated interest or maturity/principal payments from the Central Bank of Russia, the National Wealth Fund or the Russian Finance Ministry. The license also covers transactions in connection with debt issued before March 1 from individuals owned/controlled or acting on the behalf of the three listed entities.
The U.K.'s Office of Financial Sanctions Implementation released a General License permitting until May 15 the winding down of positions involving sanctioned Russian bank Sovcomflot and its subsidiaries.
The U.K. issued a General License, titled "Continuation of Business and Basic Needs of GEFCO UK Subsidiaries," which permits continuing business operations involving GEFCO -- a joint venture owned by Russian Railways and Stellantis -- or its subsidiaries, until May 23. The subsidiaries include GEFCO UK Ltd., GEFCO Forwarding UK, Auto XP Ltd. or XP Tech Ltd. Permitted activity under the license includes payments to or from the joint venture under contract or payments to or from a third parties needed to continue any obligations or contracts. The license also authorizes a subsidiary to make payments for reasonable fees stemming from routine holding and maintenance of its frozen funds.
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The U.K.'s Office of Financial Sanctions Implementation issued new general licenses for Russia and for Belarus authorizing until April 23 the closing out of any positions involving sanctioned banks. For Russia, these banks are Alfa Bank, GazPromBank, Rosselkhozbank, SMP Bank and the Ural Bank for Reconstruction and Development. For Belarus, the general license applies to Bank Dabrabyt Joint Stock Co. and any of its subsidiaries.
The past several weeks at U.S. sanctions agencies have ranked among the busiest times in recent memory, especially at the Office of Foreign Assets Control, where some employees are working nearly nonstop to implement and enforce new sanctions against Russia, former officials said in interviews. While some former officials said the extra work could shift minor projects to the side, lawyers are concerned it could also delay more pressing agency priorities, including licensing requests.
The U.K. Office of Financial Sanctions Implementation published a General License permitting until May 2 the "winding down of any derivatives, repurchase, and reverse repurchase transactions" made before March 1 with the Russian Central Bank, the Russian National Wealth Fund or the Russian Finance Ministry. The license took effect March 22.
The Office of Foreign Asset Control on March 24 updated two existing Russia-related general licenses and issued two new licenses. Updated License 6A authorizes certain transactions involving exports of agricultural commodities, medicine, medical devices and COVID-19 diagnosis and treatment equipment, while updated License 17A authorizes certain imports of Russian alcoholic beverages, non-industrial diamonds or seafood. New License 20 authorizes certain transactions involving the official business of third-country diplomatic or consular missions in Russia, and new License 25 authorizes certain transactions involving "journalistic activities" in Russia. OFAC also updated two existing Frequently Asked Questions to reflect the new licenses.
The Office of Foreign Assets Control last week issued a new general license to authorize certain transactions related to “civil maritime services” with people or companies in the so-called Donetsk People’s Republic or Luhansk People’s Republic regions of Ukraine. General License No. 24 only authorizes the transactions if the services are performed outside the covered regions and aren’t performed “on behalf of any entity located in, or organized under the laws of,” the covered regions.
Following the U.K.'s imposition of massive sanctions on Russia following its invasion of Ukraine, the U.K.'s Export Control Joint Unit published a General License allowing the provision of technical assistance, financial services and funds, and brokering services for certain vessels. The ECJU authorized these activities where a restricted vessel is moving from a third country to Russia or the U.K., or to a third country from Russia or transiting Russian waters.