UK OFSI Russian Oil Majors Wind Down

Published on: Jan 13, 2025

On Jan. 10, UK OFSI issued a license regarding a wind down period.

  • UK OFSI, UK Treasury issued general license INT/2025/5635701, publication notice.
  • License issued under regulation 64 of the Russia regulations which allows for a wind down period of positions involving the Gazprom Neft and PJSC Surgutneftegas.
  • Or any entity owned or controlled by Gazprom Neft and PJSC Surgutneftegas.
  • Effectiveness
  • The license takes effect from Jan. 10, 2025 and expires on Feb. 27, 2025 at 05.01.
Regulators
UK OFSI; UK Treasury
Entity Types
B/D; Bank; BS; Ins; Inv Co; MSB
Reference
GL INT/2025/5635701, Gd, Nt, 1/10/2025; StIn 2019/855; SAMLA 2018 (UK);
Functions
AML; Compliance; Financial; Legal; Operations; Reporting; Sanctions
Countries
Russia; United Kingdom; Cross-Border
Category
State
N/A
Products
Banking; Clearing; Deposits; Fund Mgt; Insurance; Loan; Securities
Rule Type
Final
Regions
EMEA
Rule Date
Jan 10, 2025
Effective Date
Feb 27, 2025
Rule ID
239805
Linked to
N/A
Reg. Last Update
Jan 10, 2025
Report Section
AML & Enforcement