"The General Licence has been revised to remove Regulation 28 (financial services and funds related to restricted goods and restricted technology) from paragraph 1(h). This enables the provision of insurance and reinsurance to a person connected with Russia in relation to the items in paragraph 1 (a), subject to the wider restrictions and conditions of the licence," the notice read.
In particular, it applies to certain aviation equipment and technology, including aircraft gas turbine engines and components specifically designed for them. The exemption does not apply to military goods and technology.
On July 21, the European Union also adjusted some restrictions related to the Russian aviation industry. Notably, the technical assistance to Russia for aviation goods and technology was permitted, with prohibition on any transactions with Russian public entities being "slightly amended to ensure access to justice."