UK banks allowed to collect fees for servicing frozen Russian accounts

• Shubham
• 23 August, 2022

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By: Shubham Ghosh

Banks in the UK were allowed to collect fees for servicing of Russian accounts that have been frozen in accordance with anti-Russian sanctions, the UK Official of Financial Sanctions Implementation said in a general license which was posted on Monday (22), TASS news agency reported.

“General License INT/2022/2104808 allows for the payments of bank fees and service charges. Under this license: a bank may take the payment of bank and service fees from accounts frozen under the Russia Regulations, arising from the routine holding or maintenance of those accounts. This includes taking payment for arrears of such fees. Payments to banks designated under the Russia Regulations are not permitted to take these payments,” the license read.

“Persons incurring tax liabilities for making these payments can pay those tax liabilities” to the UK tax service, the license added.

The license was issued on March 10 but came into force on August 22 and is not limited by any definite time

frame.