OFSI General Licence – INT/2026/9491628

amended and 1 FAQ added

OFSI has published the amended Prince Group Insolvency General Licence INT/2026/9491628.

The General Licence was amended as follows:

The definition of ‘Permitted Insolvency Activities’ was amended to “The making, receiving, or processing of payments and any other action that is in connection with the Insolvency Proceedings, whether prior to or after commencement of such proceedings, conducted at the direction of, or with the consent of an Insolvency Practitioner (or Practitioners), are permitted, provided that no funds or economic resources are made available (directly or indirectly) to or for the benefit of any DP other than a Prince Group DP or Subsidiary.”

For the avoidance of doubt, the above definition only applies where the Insolvency Practitioner (or Practitioners) continue to act in that capacity in relation to the Insolvency Proceedings.

Consequential amendments were made to remove references to ‘any DP’ in the permissions, notification and record-keeping requirement.

Here’s the amended GL:

OFSI has published a new FAQ – FAQ 196 – on the amendment to the Continuation of Business of Lukoil International Entities General Licence (INT/2025/8031092), which was amended on 19 June 2026 to remove the requirement that funds made available, directly or indirectly, to or for the benefit of Lukoil International GmbH or a Lukoil International subsidiary must be paid into a frozen account.

It remains the case that funds must not be made available to or for the benefit of PJSC Lukoil, the designated Russian parent company, under General Licence INT/2025/8031092.

Any persons intending to use General Licence INT/2025/8031092 should consult FAQ 196and the copy of the Licence for full details of the permissions and usage requirements.

The FAQ:

196. Why did OFSI amend General Licence INT/2025/8031092 on 19 June 2026?

On 19 June 2026, OFSI amended General Licence INT/2025/8031092 to remove the requirement that funds made available, either directly or indirectly, to or for the benefit of Lukoil International GmbH or a Lukoil International subsidiary must be paid into a frozen account.

The frozen account requirement meant that counterparties making payments and transfers to Lukoil International subsidiaries under existing or new obligations or contracts were required to pay those funds into frozen accounts. Removing this requirement allows Lukoil International subsidiaries to access funds needed to meet operational costs, including payments to staff, suppliers and essential services, and supports the viability of Lukoil International’s assets whilst sale negotiations are underway.

OFSI notes the broader context of reported interest in the potential sale of PJSC Lukoil’s international assets and the importance of facilitating an orderly transition whilst balancing the energy security of third parties and the need of those assets to meet essential operational costs.

It remains the case that funds must not be made available to or for the benefit of PJSC Lukoil, the designated Russian parent company, under General Licence INT/2025/8031092.

Users of General Licence INT/2025/8031092 should carefully consider all relevant conditions of the amended licence.

HM Treasury may vary, revoke or suspend General Licence INT/2025/8031092 at any time.

Added on: 24 Jun 2026

and the referenced General Licence: