UK Renews Russia-Related Sanctions License

The U.K.'s Office of Financial Sanctions Implementation on Oct. 10 extended a General License allowing U.K. parties to receive payments from a sanctioned party if the contract took effect before the party's designation. The license now runs through May 21. OFSI also altered the license to change the definition of "contractual obligation" to exclude contracts using certain types of financial instruments, expand the list of excluded contracts that involve financial instruments, and create another annex that lists other types of excluded contracts.