UK Issues Russian Sanctions License Related to Correspondent Bank Payments
The U.K. issued a General License Sept. 29 under its Russia sanctions regime to provide certainty that a credit or financial institution can return a payment to another such institution which has been processed by a sanctioned credit or financial…
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institution at some point in the payment chain. The license applies when the sanctioned party acted as an original, correspondent or intermediary institution where the recipient institution and the institution that sent the payment are not designated parties, and the original account holder and the original intended recipient are not sanctioned parties. The license expires at the end of the day on Dec. 1.