On 5 October 2022 the Financial Reporting Authority published General License GL/2022/0001 issued by the Governor on 4 October 2022, under Regulation 64 of The Russia (Sanctions) (EU Exit) Regulations 2019 (the “Russia Regulations”) as extended to the Cayman Islands (with modifications) (the “Modified Regulations”) by the Russia (Sanctions) (Overseas Territories) Order 2020.

General License GL/2022/0001 allows a Relevant Investment Fund or Fund Manager to redeem, withdraw or otherwise deal with an Investment Interest and make payments for basic needs, routine holding and maintenance and legal fees from frozen accounts.  It takes effect from 4 October 2022 and expires on 4 April 2023.

General License GL/2022/0001
Publication Notice – General License GL/2022/0001

Failure to comply with any Conditions attached to this License may lead to prosecution under the Modified Regulations.