Seeking to further eliminate options for Russia’s use of the international financial system, the US Treasury’s Office of Foreign Assets Control (OFAC) designated for sanctions more than 50 internationally-connected Russian banks, over 40 Russian securities registrars, and 15 Russian finance officials.
Among those sanctioned by OFAC on 21 November 2024, designated Gazprombank Joint Stock Company (Gazprombank) and six of its foreign subsidiaries, including GPB International SA (Luxembourg-based), GPB Financial Services Hong Kong Ltd, GPB Financial Services Ltd (Cyprus-based), GPB-DI Holdings Ltd (Cyprus-based), Gazprombank (Switzerland) Ltd, and GPB Africa and Middle East Pty Ltd (South Africa-based).
Read next
DCW Monthly: April 2025
This month, DCW unpacks the legal and practical shifts reshaping trade finance interpretation. Why are ICC Opinions becoming increasingly scarce?
Singapore Paper Reveals Banks Pass Inspection, but have Room for Improvement
Four years after the Association of Banks in Singapore (ABS) roll out of a “Code of Best Practices – Commodity Financing”
Charter Party Bills of Lading: Know the Risk Mitigants
Most specialists in the trade finance industry are well aware of multiple court cases in recent years – many from Singapore
