UK updates GL for subsidiaries of VTB & Sberbank

 July 30, 2024

OFSI has updated General Licence INT/2022/1280876 which permits certain UK, EU and Guernsey subsidiaries of VTB and Sberbank (Russian banks) to make payment for basic needs, reasonable fees or service charges arising from routine holding and maintenance of its frozen funds and the payment of legal fees and insolvency-related services. § 5.2 of the GL has been amended to change the Insolvency Proceedings that apply to EU subsidiary, OWH SE.

All UK GLs are on the UK Licensing.

Source: https://globalsanctions.co.uk/2024/07/uk-updates-gl-for-subsidiaries-of-vtb-sberbank/?utm_source=rss&utm_medium=rss&utm_campaign=uk-updates-gl-for-subsidiaries-of-vtb-sberbank

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