MLAA

MLAA's Journal

March 2, 2022

UK sanction loophole of 30 day 'wind down period'

Note: Another DUer posted about this earlier today, but don’t think it got enough notice. Thank you to that poster. I will try and find their post and the edit this post

UPDATE: I couldn’t figure out how to search DU to try and find the original post on this topic.

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Prime Minister Boris Johnson announced last Thursday that the state-owned VTB Bank, which is the second-largest Russian bank and its largest investment bank, was the subject of a “full and immediate” asset freeze in the UK as part of the Government’s attempts to help derail Vladimir Putin’s invasion of Ukraine by targeting key finance houses.

But the following day the Treasury unit in charge of enforcing the UK’s sanctions quietly issued a 30-day licence granting permission for any individual or entity to “wind down any transactions” with VTB until 27 March.

https://inews.co.uk/news/government-accused-of-absurd-sanctions-loophole-after-giving-russian-bank-customers-30-days-to-wind-down-assets-1490017