Marks & Sokolov has achieved another success in its sanctions-related practice by obtaining an OFAC license authorizing its client to enforce a Russian judgment in the United States.
The client, a Russian bank designated as an SDN, initiated proceedings in California seeking recognition and enforcement of its Russian judgment exceeding $1.5 billion against assets of the debtor located in the U.S.
To enable enforcement, Marks & Sokolov applied to the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) for a specific license authorizing U.S. persons, including courts, to recognize and enforce the judgment held by an SDN. OFAC issued the license just over a month after the firm’s detailed submission and follow-up correspondence.
This achievement adds to Marks & Sokolov’s strong record in sanctions matters. The firm previously obtained an OFAC license permitting the sale of a blocked $19 million aircraft and has successfully secured licenses for the release of Russian clients’ funds in multiple complex blocked-asset cases some of which involved SDN-designated banks.