UK License Covers Insolvency-Related Payments Tied to Russian-Owned Bank
The U.K. issued a new general license Aug. 9 authorizing certain payments and "other permitted activities" related to the insolvency proceedings involving East-West United Bank. The bank is based in Luxembourg but is owned by Russian conglomerate Sistema, which decided…
Sign up for a free preview to unlock the rest of this article
If your job depends on informed compliance, you need International Trade Today. Delivered every business day and available any time online, only International Trade Today helps you stay current on the increasingly complex international trade regulatory environment.
to close the bank after Western countries imposed sanctions against Russia for its invasion of Ukraine. The license allows any individual or entity to "make, receive, or process any payments, or take any other action, in connection with the Insolvency Proceedings." The license expires Aug. 8, 2029.