answer text |
The general licence INT/2022/1272278 (Wind Down Positions Involving VTB) was issued
on 25 February to allow for an orderly wind down of contracts with the bank, which
was designated on 24 February. The general licence permits only the wind down of existing
activity for third parties and expires on 27 March 2022. The general licence has been
granted to reduce disruption in the UK financial system, not to permit VTB to proactively
exit positions. It ensures that VTB will not benefit from a situation where UK persons
cannot close out their positions or wind down transactions involving the bank.
|
|