UK Issues 3 General Licenses Under Russia, Belarus Sanctions Regimes
The U.K. released three general licenses pertaining to its Russian sanctions regime. The first, "Wind Down of Positions Involving Rosbank," allows until July 30 an individual or entity to wind down any transactions to which it is a party involving…
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Rosbank or a subsidiary. Such action includes closing out of any positions, repaying loans, withdrawing deposits and closing accounts. The next license, "Wind down positions involving National Bank of Belarus," allows an individual to give financial services for winding down any "derivatives, repurchase, and reverse purchase transactions" entered into before July 5 with the National Bank of Belarus, Ministry of Finance of Belarus and those individuals listed under the Belarus sanctions regime. The last license, "Transferable securities, money market instruments, loans and credit arrangements," permits a seven-day wind down period for category C loans and transferable securities and money market instruments under the Belarus sanctions regime.