The licence has been issued under Regulation 64 of the Russia (Sanctions) (EU Exit) Regulations 2019 (“the Russia Regulations”) and Regulation 32 of the Republic of Belarus (Sanctions) (EU Exit) Regulations 2019 (“the Belarus Regulations”).
Strictly subject to specified conditions specified in the licence, Credit or Financial Institutions may return a Relevant Payment to the Credit or Financial Institution which sent the Relevant Payment directly to it.
Firms should review the OFSI General Licence and should continue to remain up to date on UK sanctions developments to ensure that they comply with their sanctions obligations.