licensing
09 January 2025
UK amends VTB Bank sanctions licence over asset distributions
The UK’s Office of Financial Sanctions Implementation (‘OFSI’) has amended General Licence INT/2022/1280876 related to Russian bank VTB, adding new restrictions on asset distributions, according to an 8 January notice.
The amendment adds Permission 5.3A, which requires that distributions on VTB Bank PJSC’s claims must first deduct the value of any VTB Capital plc assets subject to VTB Bank PJSC enforcement action, as well as VTB Group Receivables.
The licence modification also specifies that ‘statutory interest should not be paid for any time over which distributions are not paid because of these deductions.’
