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OFSI amends Licences for UK subsidiary of VTB [Russia ] to allow any payments connected to Insolvency Proceeding


On 1 April 2022, OFSI amended General Licence INT/2022/1280876 to allow any payments in connection with the Insolvency Proceedings of the UK subsidiary of VTB.

Any person, including any subsidiary of VTB incorporated in the UK, may make, receive or process any payments, or take any other action, in connection with any Insolvency Proceedings relating to the UK Subsidiary.

This General Licence took effect on 01 March 2022 and expires on 01 March 2023.

General Licence INT/2022/1438977 was amended on 4 April 2022 to permit persons or a relevant institution to process payments or transactions related to the sale and transfer of the Joint Venture’s shares by the DP.

This General Licence took effect on 25 March 2022 and expires on 23 May 2022.

Any Persons intending to use the General Licence should consult the copy of the Licence and refer to OFSI’s General Guidance.

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