UK License Covers Insolvency-Related Payments Tied to Russian-Owned Bank

The U.K. issued a new general license Aug. 9 authorizing certain payments and "other permitted activities" related to the insolvency proceedings involving East-West United Bank. The bank is based in Luxembourg but is owned by Russian conglomerate Sistema, which decided to close the bank after Western countries imposed sanctions against Russia for its invasion of Ukraine. The license allows any individual or entity to "make, receive, or process any payments, or take any other action, in connection with the Insolvency Proceedings." The license expires Aug. 8, 2029.