UK Renews Russia Sanctions License Related to Correspondent Bank Payments

The U.K. last week renewed a Russia-related general license that authorizes certain transactions tied to payments that have been processed by a sanctioned credit or financial institution at some point in the payment chain. The license applies when the sanctioned party acted as an original, correspondent or intermediary institution where the recipient institution and the institution that sent the payment are not designated parties, among other conditions. The license, which was scheduled to expire Dec. 1 (see 2310020016), now lasts through Dec. 14.