June 3, 2021

OFAC issues largest single Global Magnitsky action to-date, targets corruption in Bulgaria

On June 2, 2021, the US Department of the Treasury’s Office of Foreign Assets Control designated three Bulgarian individuals and their expansive networks made up of 64 entities pursuant to Executive Order 13818, which builds upon and implements the Global Magnitsky Human Right Accountability Act.   According to OFAC, these designations constitute the largest single Global Magnitsky action to-date.  Among those designated for engaging in significant acts of corruption are Bulgarian businessman and oligarch, Vassil Kroumov Bojkov; former member of Parliament, Delyan Slavchev Peevski; and former Deputy Chief of the Bulgarian State Agency for Technical Operations, Ilko Dimitrov Zhelyazkov, as well as the companies that they own or control.  As a result of these designations, US property  of the designated individuals and entities is blocked, and transactions with these persons and entities are generally prohibited. 

The OFAC sanctions were issued to coincide with the US State Department’s designations of Peevski, Zhelyazkov and three other Bulgarian public officials, including their spouses and children, under Section 7031(c) of the Department of State, Foreign Operation and Related Programs Appropriations Act, 2021, rendering them ineligible for entry into the US.  These coordinated sanctions were issued to send a global message that the US supports the rule of law and remains committed to helping Bulgaria strengthen its democratic and economic institutions by tackling systemic corruption.

Department of Treasury Press Release | Global Magnitsky Designations | Department of State Press Release