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  • OFAC cyprus

    The Office of Foreign Assets Control (OFAC) is a U.S. governmental agency that’s tasked with ensuring that no one in the states is supporting terrorists, restricted governments, or other entities that are determined to be national threats. To enforce restrictions and uphold national security, the OFAC issues sanctions. These sanctions prohibit anyone from doing business with specific individuals or businesses.

    Just recently, the OFAC sanctioned the following entities – Azoria Shipping Company Limited, Glorina Shipping Company Limited, and Elixon Shipping Company Limited. Reports show that all three companies have the same administrative structure, and they’re all connected to Cyprus. They’re all listed as having Vladimir Oskirko as the president and CYPROSERVUS CO. LIMITED as the secretary.

    Reports show that other countries are also joining in on the sanctions in order to further pressure Russia into making different decisions regarding the ongoing invasion of Ukraine. The UK’s Office of Financial Sanctions Implementation (OFSI) also included Russian national Yulia Andreevna and the company GURYEVA-MOTLOKHOVA as part of their extensive sanction list. Andreevna and the company face asset freezes and economic restrictions as a result of associating and obtaining benefits from Andrey Grigoryevich Guryev, a member of the Russian government.

    In a multi-national coordinated effort, Canada has also joined forces to impose restrictions on specific companies and Russian nationals based out of Cyprus. The Foreign Minister Melanie Joly recently made a statement about the sanctions and confirmed that the agency is attempting to target people and entities that are providing financial support to Russian entities. Existing sanctions have been expanded to include the companies registered in Cyprus.

    The EU also recently approved another round of sanctions against the Ukraine war that specifically mentions the transfer of weapons to Russia from North Korea.

    This round of sanctions is also targeting companies that the EU believes are contributing to existing sanctions evasion efforts. These sanctions target 106 individuals and 88 entities.

    Could OFAC Sanctions Impact Your Business?

    Does your business conduct business globally? If so, then you need to keep up with the OFAC sanctions list and be vigilant about who you do business with. A sanctions violation is considered an extremely serious criminal offense and threat to our country’s security. If you get caught violating the OFAC sanctions by approving a transaction with a targeted individual or entity, then your intentions won’t be as significant as the impact of your actions.

    If convicted, then you could face a lengthy 30-year prison sentence. You could also be subjected to fines of several million dollars. It’s unlikely that your business will be able to recover from a sanctions violation, especially one that several countries have coordinated together to enforce.

    The best way to avoid violating the OFAC sanctions is to hire an attorney who can advise you on your business matters. If you’re concerned about previous transactions, then speak with a lawyer about your rights and options.

    Here at Bukh Global, our team of international legal experts can help you and your business thrive. Contact our team now to learn more about how we can help.

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