LNB News 23/04/2025
Document Information
Issue Date: 23 April 2025
Published Date: 23 April 2025
Jurisdiction(s): England, Northern Ireland, Scotland and Wales
The Office of Financial Sanctions Implementation (OFSI) has updated its Financial Sanctions FAQs to address the mergers of designated Russian banks Rosebank PJSC with TBank and Bank Otkritje with BM-Bank, both effective from 1 January 2025. The update clarifies that entities holding OFSI licences referencing these merged banks must request amendments to continue using their licences. OFSI has proactively amended affected General Licences relating to the Rosebank PJSC merger, while confirming that BM-Bank remains designated due to its ownership by VTB Bank.
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