UK Issues 2 General Licenses Under Russia Sanctions List
The U.K.'s Office of Financial Sanctions Implementation imposed two general licenses under its Russia sanctions regime. The Securing Energy for Europe license lets an individual or entity grant a category five loan or enter into an arrangement to grant this…
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loan to Gazprom Germania or any of its subsidiaries. These loans can be issued for over-the-counter gas trading, payments of credit arrangements and invoices by Gazprom or any of its subsidiaries, customer credit arrangements, the provision of clearing services to Gazprom or any of its subsidiaries, payment between Gazprom or any of its subsidiaries, or the provision of financing for letters of credit. The license will run 11:59 p.m. Oct. 28 to 11:59 p.m. Oct. 29, 2023. The Loans and Securities amendment, which runs 11:59 p.m. Oct. 28 to 11:59 p.m. Nov. 5, permits an individual or entity to directly or indirectly enter into an arrangement to grant a category five loan, though it does not permit activity that would otherwise be permitted under the Securing Energy for Europe license.