UK Adds 3 Questions to Russia Sanctions Guidance Page on Food, Fertilizer Exports
The U.K.'s Office of Financial Sanctions Implementation added three questions to its Russia sanctions guidance page. The first asks whether insurers are allowed to insure Russian ships carrying food and fertilizer from Russia and Ukraine to a third country. OFSI said insurers can apply for a license under the food security purpose with OFSI, which allows anything to be done in connection with the distribution of food for the benefit of a country's civilian population. Applying for this license doesn't prevent applicants from also applying under a different purpose in the regulations.
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The second question regards whether financial institutions are allowed to give financial services for food and fertilizer exports from Russia and Ukraine to a third country. OFSI answered, "Yes, as long as the required license is in place." It said financial institutions can apply for a license under the food security purpose to provide the services, though, there may already be a license in place allowing the exports.
The last new question asks whether the licensing purpose for food security covers the production and distribution of fertilizer. OFSI said such production and distribution of fertilizer falls within the scope of the food security licensing purpose.