UK Issues Russia-Related General License for Payments of Contractual Obligations

The U.K. this week issued a general license under its Russia and Belarus sanctions regimes authorizing certain funds transfers to a U.K. individual or entity for the purposes of satisfying a contractual obligation. The license, which runs until Nov. 21, features certain conditions, including that the payment must be for the benefit of a U.K. party and the total value of the funds cannot exceed about $248,561. The license also includes a reporting requirement.