General Licence Under Russian Sanctions Issued

On 4 October 2022, His Excellency the Governor of the Cayman Islands issued the General Licence GL/2022/0001 pursuant to Regulation 64 of the Russia (Sanctions) (EU Exit) Regulations 2019 as extended to the Cayman Islands (with modifications) by the Russia (Sanctions) (Overseas Territories) Order 2020.

The licence 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.

Persons intending to use the licence must consult a copy of the same for full details of the relevant permissions and usage requirements.

As outlined in the licence, a Relevant Investment Fund or Fund Manager that is regulated by the Cayman Islands Monetary Authority (the "Authority”) must also notify the Authority of its use of this licence within three business days. Such notifications should be sent to generallicencenotification@cima.ky.

Further details can be obtained via the publication notice.