russia-sanctions
06 October 2023
OFSI GL authorises Correspondent Banking Payments related to Russia and Belarus sanctions
The UK Treasury’s Office of Financial Sanctions Implementation (‘OFSI’) has issued a General Licence related to sanctions on Russia and Belarus under which ‘a Credit or Financial Institution may return a Relevant Payment to the Credit or Financial Institution which sent the Relevant Payment directly to it.’
General License Correspondent Banking Payments INT/2023/3566356 grants permission on condition that: the credit or financial institution which wishes to return the relevant payment must not be a DP, or Designated Person; and the credit or financial institution to which the relevant payment is returned must not be a DP.
The licence took effect on 29 September, the date it was issued, and expires 1 December of this year.
