News
OFSI declares legal fees general licence
10 November 2022
The Office of Financial Sanctions Implementation (OFSI) has issued a general licence to make it easier for firms working with clients from Russian and Belarus subject to the financial sanctions regime to receive fees for legal advice.The new general fees licence is limited to those persons designated under the Russia and Belarus regulations and to legal advice in scope of the licence. The licence will expire on 28 April 2023 but may renewed at that point, or varied at any time.
Firms will need to report to OFSI once they have finished using the licence and/or once the licence has expired.
Further information is on the OFSI website.