Marks & Sokolov is pleased to announce another success in our sanctions-related practice: we have obtained an OFAC license authorizing the release of a Russian client’s funds that were previously blocked by the Bank of New York.
The client had transferred funds as payment for goods delivered by a supplier in a third country. However, during the transaction—processed through a correspondent account at the Bank of New York—the funds were erroneously blocked based on the mistaken assumption that a Specially Designated National (SDN) was involved. Following our detailed submission, OFAC issued the license within five months.
This marks yet another achievement in our extensive sanctions practice. Previously, we secured an OFAC license permitting the sale of a blocked $19 million aircraft on behalf of a client. Our track record includes obtaining licenses for the release of Russian clients’ funds in multiple cases, including complex situations where funds were blocked due to SDN designations of Russian banks.