UK Sanctions Russian Bank, Issues New General License

The U.K. on Dec. 15 sanctioned Russia-based Joint Stock Commercial Bank Novikombank. The country's Office of Financial Sanctions Implementation said the bank conducts business in a sector of "strategic significance" to the Russian government. OFSI also amended the listings for 27 other Russia-related entries.

OFIS also issued a new general license authorizing certain transactions between U.K. credit or financial institutions and certain banks designated under the country's Russia sanctions after Dec. 13. The license also applies to certain transactions with financial institutions owned or controlled by those banks. The license took effect Dec. 15 and expires Dec. 22.