OFAC Removes Russian Bank Subsidiary From SDN List
The Office of Foreign Assets Control on April 2 removed sanctions from VTB Bank Europe, the European subsidiary of Russian state-owned VTB Bank.
Sign up for a free preview to unlock the rest of this article
Timely, relevant coverage of court proceedings and agency rulings involving tariffs, classification, valuation, origin and antidumping and countervailing duties. Each day, Trade Law Daily subscribers receive a daily headline email, in-depth PDF edition and access to all relevant documents via our trade law source document library and website.
OFAC also removed the entries for VTB Bank Deutschland and Ost-West Handelsbank -- which are other names for the subsidiary -- from the Specially Designated Nationals List. All three entries are listed with the same address in Frankfurt, Germany.
OFAC didn’t release more information. An agency spokesperson pointed to a Reuters report last year that said the Germany-based VTB Bank subsidiary was undergoing liquidation and was changing its name to OWH SE.