December 20, 2019

OFAC removes sanctions on Ventspils Freeport Authority

The Department of the Treasury’s Office of Foreign Assets Control has removed sanctions imposed on Latvia’s Ventspils Freeport Authority (VFA). OFAC designated VFA on December 9th for being owned or controlled by Latvian oligarch Aivars Lembergs.  Following the designation, the Latvian government passed legislation effectively ending Lembergs’ control of the VFA.  The port will now be supervised by four representatives appointed by the Latvian government.  Lembergs resigned from the VFA on December 10, 2019, where he had previously served as the Chairman of the Board. 

As a result of this action, all property that had been blocked solely as a result of the Ventspils Freeport Authority’s designation, are unblocked and all otherwise lawful transactions involving US persons and the Ventspils Freeport Authority are no longer prohibited.

US Dept of the Treasury Press Release