December 10, 2019

OFAC issues Global Magnitsky general license pertaining to Latvia-related entities

The Office of Foreign Assets Control recently issued Global Magnitsky General License Number 1 authorizing activities necessary to wind down transactions involving four Latvian entities owned or controlled by Aivars Lembergs: Ventspils Freeport Authority, Ventspils Attistibas Agentura, Biznesa Attistibas Asociacija, and Latvijas Tranzita Biznesa Asociacija.

The general license does not allow:
• Any debit to an account on the books of a US financial institution of the listed entities
• Any transactions otherwise prohibited by the Global Magnitsky Sanctions Regulations
• The unblocking of any property blocked according to 31 CFR chapter V, or any Executive order except as authorized by the general license

Wind down transactions are authorized until January 8, 2020.

General License No. 1