UK Issues General License Over Use of Designated Credit or Financial Institution

The U.K. released a General License, titled, "Funds of non-designated third parties involving designated credit or financial institutions." Granted under the U.K.'s Russia sanctions regulations, the license lets an individual use the retail banking services of a designated credit or financial institution if payments made or received are intended for personal use. Payments cannot exceed around $59,500, and the individual making or receiving the payment must report the payment details to the Treasury. The one-year license expires Nov. 10, 2023.