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Key facts
Source:UK OFSI (UK HM Treasury, Open Government Licence v3.0)
The Office of Financial Sanctions Implementation (OFSI) has issued a new general licence, identified as INT/2025/5787748, regarding financial transactions related to arbitration. The licence was established on March 28, 2025, under the authority of the Russia (Sanctions) (EU Exit) Regulations 2019 and the Republic of Belarus (Sanctions) (EU Exit) Regulations 2019.
Under this new provision, authorized individuals and entities are permitted to make payments to various arbitrators and arbitration associations. These funds are specifically intended to cover the necessary expenses and fees associated with providing arbitration services. Furthermore, the licence allows arbitration associations and arbitrators to direct, accept, and utilize these payments to settle arbitration costs.
The licence includes specific reporting requirements that have been amended. Within 14 days of the conclusion of each calendar month, individuals or entities must notify HM Treasury of any payments processed under this licence during that period. These reports must be accompanied by supporting documentation and detailed information.
The required reporting must include the specific details of the designated person (DP) involved in the arbitration, their Group ID, and a description of the case. Additionally, the submission must provide the payment amount, the date the funds were received, the method of payment used, the total arbitration costs collected for the case to date, and an unredacted engagement letter where applicable.
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