LCIA procures a comprehensive, LCIA specific, general licence regarding the Belarus and Russia (Sanctions) (EU Exit) Regulations 17 October 2022 The LCIA is pleased to announce that following constructive discussions with the Office of Financial Sanctions Implementation (OFSI), OFSI has issued a General Licence for cases administered by the LCIA pursuant to the LCIA Rules. This General Licence is issued under Regulation 32 of the Republic of Belarus (Sanctions) (EU Exit) Regulations 2019 and under Regulation 64 of the Russia (Sanctions) (EU Exit) Regulations 2019. The General Licence will cover all cases administered on the basis of the LCIA Rules, as opposed to cases where the LCIA merely acts as fundholder or performs services in cases conducted on the basis of the UNCITRAL Rules, which will require individual licences. The General Licence applies to cases administered on the basis of the 2020 Rules, as well as the 2014 and 1998 Rules. It covers payments to the LCIA by Designated Persons (DPs), companies owned and controlled by DPs or their legal representatives and extends to registration fees, deposits, arbitrator fees and expenses and LCIA charges, as well as fees and expenses of tribunal secretaries and experts appointed by the tribunal, pursuant to the LCIA Schedule of Arbitration Costs. The Publication Notice further confirms that the LCIA may receive substitute deposit(s) from non-DPs who are party to the arbitral proceedings to allow the arbitration to proceed where a DP or company owned or controlled by a DP fails to make the payment for arbitration costs. While the LCIA does not require a licence to return funds to non-designated parties, the General Licence does not extend to restitution payments to DPs, which will require individual licences, and equally does not cover the DPs’ other payment obligations such as payments to their legal representatives or third parties for services related to the arbitration. The LCIA recognises and supports the use of sanctions as a legitimate tool to address the consequences of the war against Ukraine. At the same time, the LCIA welcomes this General Licence which enables the LCIA to perform its obligations in relation to binding arbitration clauses in furtherance of the rule of law. The General Licence is tailor-made to the specific features of LCIA arbitration, including in particular the fee structure contained in the LCIA Rules and the LCIA Schedule of Arbitration Costs, which incorporate and define the supervisory role of the LCIA Court. In the coming days and weeks, the Secretariat will reach out to parties and arbitrators in cases potentially impacted by the General Licence. While the General Licence authorises the LCIA to make and receive payments, arbitrators and parties will need to satisfy themselves that they can receive payments after considering the impact, if any, of the sanctions of any relevant jurisdiction other than the UK. General Licence Publication Notice