US Sanctions relating to Russia – Ventspils Port removed from SDN list
20 December 2019
As Members are already aware from our News Alert of 13 December 2019 (click here), the US Department of Treasury’s Office of Foreign Assets Control (OFAC) recently designated Ventspils Freeport Authority (amongst other entities). We have now been advised from Freehill, Hogan and Mahar LLP that as Ventspils Freeport Authority has been taken over by the Latvian Government, and as it is no longer controlled by Mr Lembergs, OFAC have removed Ventspils Freeport Authority from the SDN list. Non-US persons are able to engage in lawful transactions with entities that are not on the SDN list.
Further details are set out in Freehill’s Client Alert which is available here.