UK Reissues Sanctions License Allowing Use of Sanctioned Banks for Personal Use

The U.K. said it "reissued" a general license under its Russia sanctions regime allowing U.K. parties to use the retail banking services of a sanctioned credit or financial institution "provided that the payments made or received are intended for the personal use of" the individual. Payments may not exceed 50,000 pounds (about $63,500), and registered financial institutions can process those payments. Payments must be reported to the U.K. within 14 days with information on the amount processed, the payment route used and the date on which the funds were processed. The license expires May 27, 2026.