Cayman Islands extends Fund Management General Licence under Russia sanctions
24 Apr 2023
On 5 April 2023, the Cayman Islands issued an extension to the General Licence GL/2022/0001 published on 4 October 2022, under 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 and permitted a relevant investment fund or fund manager to redeem, withdraw or otherwise deal with an investment interest and make payments for basic needs, routing holding and maintenance and legal fees from frozen accounts. The General Licence expired on 4 April 2023.
The extension took immediate effect from 5 April 2023 and will expire on 5 October 2023.
The official notice can be found here.
Harneys blog post on the General Licence GL/2022/0001 can be found here.