The Office of Financial Sanctions Implementation of the HM Treasury has issued a new General License (INT/2023/4078352) under Regulation 64 of the Russia (Sanctions) (EU Exit) Regulations 2019 (SI 2019/855) to permit the processing of certain payments related to designated persons that would otherwise be prohibited by the noted regulations. Specifically, the license permits
– UK financial institutions to process payments from or via any credit or financial institution designated for the purposes of regulation 17A (correspondent banking relationships) after December 13, 2023 and
– UK credit or financial institution to process non-sterling payments from or via Sberbank.
The license is meant to provide time to wind-down any payments that have been effected prior to the issuance of the new Russian Sanction Regulations which prohibits the processing of payments of designated parties in currencies other than sterling (EventID 24219).
Other Features
banks
payment services
process
sanctions
Ukrainian conflict
wind-down
Date Published: 2023-12-14
Date Taking Effect: 2023-12-15
Regulatory Framework: UK Sanctions
Regulatory Type: procedure
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