News 13 May, 2022

Ukraine Conflict - UK extends Sovcomflot General Licence

Tony Paulson
Tony Paulson
Head of Asia & Corporate Director

Further to our News Item of 30 March 2022, the UK Government has announced today that the General Licence issued by them to allow parties to wind-down their activities with Sovcomflot has been extended until 30 June 2022. A copy of the Licence can be found here.

The Managers are not aware of any parallel extension in the EU Regulations to allow EU entities to undertake transactions with Sovcomflot (and all other entities listed in Annex XIX of Regulation 833/2014) beyond the current wind-down period which expires on 15 May 2022. Those Members who fall within the scope of EU sanctions are therefore advised to continue to comply with that deadline. Details of the applicable EU provisions can be found in our News Item of 18 March 2022 here.

As always, Members with any questions are asked to contact the Managers.