On May 20, UK OFSI issued general license on wind down of positions.
UK OFSI issued license which allows for persons to wind down from any transactions involving St Petersburg Currency Exchange and Non-bank Credit Organization Joint-Stock Company Petersburg Settlement Center (DPs) to which that person is a party.
Under regulation 64 of Russia (sanctions) (EU exit) regulations 2019 (StIn 2019/855).
Summary
A person may wind down from any transactions involving the DPs to which that person is a party, including the closing out of any positions, and a person, a relevant institution, or the DPs can carry out any activity reasonably necessary to effect this.
Effectiveness
General license takes effect from May 20, 2025 and expires at 23:59 on Jun. 19, 2025.
