The OverRuled: Russia Trade Controls Resource Center has been updated with the following actions:
- 28 Mar 2025 (UK):
The Office of Financial Sanctions Implementation ("OFSI") issued General Licence INT/2025/5787748 (the "GL") in respect of Arbitration Costs (as defined in the GL), pursuant to Regulation 64 of the Russia (Sanctions) (EU Exit) Regulations 2019 and Regulation 32 of the Republic of Belarus (Sanctions) (EU Exit) Regulations 2019. OFSI has confirmed that, in parallel, the London Court of International Arbitration ("LCIA") Costs General Licence INT/2022/1552576 ("LCIA GL") has been revoked.
- 28 Mar 2025 (UK):
The Office of Financial Sanctions Implementation ("OFSI") amended General Licence INT/2024/5334756 (the "GL") to further clarify the scope of "Legal Services" (as defined by the GL), including the meaning of being "owned and controlled" by a designated person ("DP"), pursuant to The Russia (Sanctions) (EU Exit) Regulations 2019 ("Russia Regulations") and the Republic of Belarus (Sanctions) (EU Exit) Regulations 2019 ("Belarus Regulations").
- 28 Mar 2025 (UK):
The Office of Financial Sanctions Implementation ("OFSI") extended the expiration date to General Licence INT/2023/2824812 (the "GL") in respect of bond amendments and restructurings for non-Designated Persons, pursuant to Regulation 64 of the Russia (Sanctions) (EU Exit) Regulations 2019.
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