UK eases payment restrictions to Lukoil's subsidiary in Austria

Britain's sanctions office on Friday amended a temporary licence allowing ​companies to continue doing business with ‌a subsidiary of Russia's Lukoil based in Austria, removing a restriction that required ​funds to be paid into ​frozen accounts.

The Office of Financial Sanctions ⁠Implementation said in a notice it ​had removed that condition in the ​licence applying to Lukoil International GmbH and its subsidiaries.

The notice did not say why ​the change had been made and ​the OFSI did not immediately respond to a ‌request ⁠for comment.

UK companies can now process payments to Lukoil International accounts which are not frozen, but the OFSI ​said the ​change ⁠did not allow funds to then be returned to Lukoil, ​the Russian parent company.

The licence, ​which ⁠took effect in November last year, remains subject to broader Russia sanctions ⁠rules ​and is due to ​expire on August 25, following an earlier extension.

- Reuters