OFAC Relaxes Sanctions on Russian-Owned Turkish Bank
The Treasury Department authorized U.S. citizens and companies to make some transactions with DenizBank, after Executive Order 13662 prohibited dealings with the company. Denizbank is a Turkish financial institution owned by Sberbank, Russia’s largest bank. The U.S. sanctioned Sberbank in…
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September, placing it on the Specially Designated Nationals List (see 14091503). That move was part of a larger sanctions package that followed a number of other rounds of sanctions since the outset of 2014. Treasury’s Office of Foreign Assets Control is also allowing U.S. transactions with banks that Denizbank owns 50 percent or more of. A Treasury directive, under the executive order, bars U.S. individuals or companies from dealings with sanctioned banks in “new debt of longer than 90 days maturity or new equity for these persons, their property, or their interests in property" (here).