By Maya Lester KC & Michael O’Kane

OFSI issues new general licence covering prior obligations

On 22 May 2023, OFSI issued General Licence INT/2023/3024200, “Prior Obligations” (notice, guidance), permitting a UK person who is owed funds or economic resources by a designated person (DP) under the Russia or Belarus regimes, under a contract that was signed before the DP in question was designated, to receive payment, provided that: the contractual obligation was signed before the …

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About Michael O'Kane

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Michael is Senior Partner at Peters & Peters Solicitors LLP. He has acted in many of the most high profile and sensitive business crime cases of the last 25 years, at Peters &...

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