UK Issues, Revokes Russia-Related General Licenses

The U.K.’s Office of Financial Sanctions Implementation this week issued a new license, which took effect June 14 and has no expiration date, that authorizes certain trades in derivatives and futures “in connection with activities” that would otherwise violate the price cap on Russian oil. The license also authorizes certain financial institutions to “process payments in relation” to those trades.

The U.K. also revoked a license June 14 that previously authorized certain transactions involving loans to Gazprom Germania and its subsidiaries. The license was scheduled to expire Oct. 29.