UK Amends 2 General Licenses Under Russia Sanctions Regime
The U.K.'s Office of Financial Sanctions Implementation updated two General Licenses under its Russia sanctions regimes, one covering London Court of International Arbitration payments and the other on transactions linked to agricultural commodities, including the provision of insurance and other services.
Sign up for a free preview to unlock the rest of this article
If your job depends on informed compliance, you need International Trade Today. Delivered every business day and available any time online, only International Trade Today helps you stay current on the increasingly complex international trade regulatory environment.
Under the LCIA license, OFSI edited the definition of a designated party to include individuals or entities controlled by the designated party and to add definitions of designated party representatives and non-designated party arbitral parties, according to the EU Sanctions blog. OFSI also allowed representatives of designated parties pay funds to the LCIA to pay for arbitration costs.
Under the agricultural commodities license, OFSI allowed the Grain and Feed Trade Association to receive funds from any designated person "in connection with the direct and indirect provision of services related to contracts for the trade in Agricultural Commodities, by or on behalf of GAFTA, including membership fees, costs deposits and arbitrator’s fees related to arbitrations regarding such contracts, training courses, and certification of laboratories."