OFSI authorizes wind downs of Zarubezhneft transactions

LONDON, October 8, 2026 — The U.K. Office of Financial Sanctions Implementation authorized a temporary wind-down of transactions involving Zarubezhneft JSC and subsidiaries it owns or controls worldwide.

General Licence INT/2026/11080040 took effect Thursday and expires at 11:59 p.m. on Nov. 21. It permits eligible persons to wind down or divest from transactions with Zarubezhneft or a covered subsidiary when they are a party to the transaction, including by closing positions.

The authorization also allows those persons, Zarubezhneft, its covered subsidiaries and relevant U.K. institutions to take steps reasonably necessary to complete the exit. The licence exempts otherwise prohibited conduct under regulations 11 through 15 of the Russia Regulations only to the extent needed for those permissions.

Anyone undertaking activity under the authorization is required to retain accurate, complete and readable records for at least six years, either on paper or electronically. The licence does not permit breaches of other provisions of the Russia Regulations unless another licence applies.

The limited window gives counterparties a defined period to exit covered dealings rather than providing broader authorization for ongoing business. HM Treasury may vary, revoke or suspend the licence at any time.