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Virgin Islands’ General Licences
Virgin Islands General Licence No. 4 2023 (Maintenance of Economic Resources)
13 September 2023
On 13 September 2023, the Governor issued the Virgin Islands General Licence No. 04, 2023 (maintenance of economic resources) under Regulation 64 of the Russia (Sanctions) (EU Exit) Regulations 2019 (“the Russia Regulations”) as modified by Article 2 and paragraph 38 of Schedule 2 to The Russia (Sanctions) (Overseas Territories) Order 2020.
The details for what the General Licence permits a Registered Agent or a Corporate Services Provider to do may be found here.
Reporting Requirement
Those who use the General Licence must report in writing to the Governor, preferably by email, to GOVOfficeSanctions.Tortola@fcdo.gov.uk, using the form on the British Virgin Islands Financial Services Commission General Licence page.
Alternatively, completed forms can be posted to:
Governor’s Office
Waterfront Drive,
Road Town, Tortola
British Virgin Islands
Reporting is due within fourteen days of a payment permitted under the General Licence. Those using the General Licence must keep records of its use for a period of six (6) years. Any Registered Agent or Corporate Services Provider with an outstanding licence application with the Governor’s Office who intends to use this General Licence should immediately contact the Governor’s Office.
Virgin Islands General Licence No. 2 2023 (Wind Down of Trust Services Provided to Designated Persons)
09 June 2023
13 April 2023
The Governor’s Office has issued Virgin Islands General Licence No. 03, 2023, under Regulation 64 of the Russia (Sanctions) (EU Exit) Regulations 2019 as extended by the Russia (Sanctions) (Overseas Territories) Order 2020 (as amended). The Virgin Islands General Licence No. 03, 2023, allows for payment for the provision of legal services to designated persons under either the Russia or Belarus regime. Firms will not have to wait for a specific licence from the Governor’s Office, provided that the general licence terms are met.
Reporting obligations to the Governor, in compliance with this licence, should be sent to the Governor’s Office. See hyperlinks for reporting forms for the Pre-Designation and Post-Designation Legal Fees General Licence.
21 March 2023
The Governor’s Office has issued Virgin Islands General Licence No. 02, 2023, under Regulation 64 of the Russia (Sanctions) (EU Exit) Regulations 2019 as extended by the Russia (Sanctions) (Overseas Territories) Order 2020 (as amended). The Virgin Islands General Licence No. 02, 2023, permits persons to undertake activity necessary to terminate an arrangement to provide Trust Services between them and a Designated Person, provided that the general licence terms are met.
Reporting obligations to the Governor, in compliance with this licence, should be sent to the Governor’s Office. See the hyperlink for Reporting the Use of the Trust Services General Licence.
Virgin Islands General Licence No. 1, 2023 (As Amended) (Russian Oil Price Cap)
17 March 2023
Virgin Islands General Licence No. 1 2023 (Russian Oil Price Cap)
The Governor’s Office has issued Virgin Islands General Licence No. 1, 2023 (Oil Price Cap) under Regulation 64 of the Russia (Sanctions) (EU Exit) Regulations 2019 as extended by the Russia (Sanctions) (Overseas Territories) Order 2020 (as amended). The Virgin Islands General Licence No. 1, 2023, (Oil Price Cap) permits the supply or delivery of Russian oil and oil products by ship and the provision of associated services, subject to the price cap terms being met.
Reporting obligations to the Governor, in compliance with this licence, should be sent to the Governor’s Office.
