UK Issues Sanctions License for Payments Related to Gov't Securities

A new U.K. general license authorizes certain transactions with sanctioned parties involving U.K. government debt. The license, issued Oct. 14, allows certain payments "in respect of UK Government Debt where either the legal holder or the direct or indirect recipient or beneficiary of that payment is a UK" sanctioned or "prohibited" party, "provided the payments are held in Frozen Accounts or UK Prohibited Persons Accounts." The license defines "prohibited" parties as people and entities subject to certain sanctions against Russia or Belarus, and it defines "UK Government Debt" to mean "all securities issued by, or on behalf of His Majesty's Government in respect of money borrowed by His Majesty's Government."