UK Issues Russia-Related License Covering Transactions Involving Bonds
The U.K.'s Office of Financial Sanctions Implementation issued a new Russia-related general license authorizing certain transactions involving bond amendments and restructurings. The license lets a company, entity or institution that has issued a bond that has or may have bondholders…
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who are sanctioned parties "effect the terms of any Bond restructuring or amendments agreed between itself and its Bondholders" through March 28, 2025. This permission only applies if no funds or economic resources are made available to a designated party as part of any such bond restructuring and any funds that a designated party would be entitled to are frozen and not made available to the designated party until they are no longer sanctioned. The license also permits a British person or entity to take any steps needed to "effect a bond restructuring," as long as the same two conditions listed previously also apply.