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ARTICLE · 10 OCTOBER 2014

OFAC Issues New General License Excepting Turkish Lender From Russian Sanctions

Reed Smith
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This allows DenizBank to continue accessing U.S. debt and capital markets, despite its ownership by designated Russian entity, Sberbank.

GlobalInternational Law
Leigh Hansson
Leigh Hansson
Michael Lowell
Michael Lowell
Michael Grant
Michael Grant
Hena Schommer
Hena Schommer
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On October 6, 2014, the Treasury Department's Office of Foreign Assets Control (OFAC) issued General License No. 3, excepting DenizBank AS, a Turkish lender, from the restrictions on access to new debt or new equity under Directive 1 of the Russian Sectoral Sanctions Identifications list. This allows DenizBank to continue accessing U.S. debt and capital markets, despite its ownership by designated Russian entity, Sberbank.

It is unclear whether this was an isolated exception issued because of DenizBank's status in Turkey and close ties to the European banking system, or if OFAC intends to extend General License No. 3 to other subsidiaries of Directive 1 designated entities.

For a summary of prior Russian sanctions issued by the United States and the European Union, click here.

This article is presented for informational purposes only and is not intended to constitute legal advice.

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