SPB Bank is studying possible changes in connection with US sanctions – Kommersant

SPB Bank reported that lawyers are studying possible changes in the strategy for unlocking assets in connection with the inclusion of the credit organization in the SDN-List of the US Treasury. SPB Bank will inform you about further actions based on the analysis of the situation and negotiations with counterparties.

A representative of the communications department of St. Petersburg Bank noted that the credit institution has been under US restrictions since November 2, 2021, when sanctions were introduced against the parent company.

“Thus, after today’s decision of OFAC, the sanctions status of St. Petersburg Bank has not changed, but the legal grounds for its being on the sanctions list have changed,” says the message (available to Kommersant).

The US sanctions list, which included SPB Bank, was published today, February 23rd. SPB Bank is the depositary of the St. Petersburg Exchange, which came under American sanctions on November 2, 2023. In January of this year, SPB Bank sent OFAC strategy for unlocking assets, which involves removing the depository from the control of a sanctioned trading platform by reducing its share in the authorized capital. In February, the credit institution reported on the preparation of an application for the US Treasury on the release of investors’ assets.

Read more about sanctions in the Kommersant article. “Sanctions have a beginning, but sanctions have no end”.

Lusine Balasyan