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    Successful Resolution of a Frozen Funds Case with an OFSI License

    Recently, our team successfully handled a complex case related to financial restrictions. A Latvian company reached out to us, whose funds were frozen due to the geopolitical situation.

    The Problem: The Latvian company had been working with a Russian state organization to purchase agricultural products. After the onset of the military conflict in 2022, the contract was terminated, and the funds intended to be returned to the company’s UK account were blocked:

    • The British bank refused to accept the funds without an OFSI license (Office of Financial Sanctions Implementation).
    • The European bank holding the funds also required an OFSI license for their release.

    How We Helped: Our expert, Daniel Stepanov, took on the task of resolving this complex situation. He:

    • Reviewed and corrected the application for the OFSI license.
    • Responded to OFSI’s clarifying inquiries, providing the necessary explanations.
    • Collected and submitted evidence to demonstrate compliance with sanctions legislation.
    • Maintained continuous communication with OFSI to expedite the process and ensure timely resolution.

    The Outcome: Thanks to Daniel Stepanov’s professionalism and attention to detail, the OFSI license was granted on time. This allowed the funds to be unblocked and promptly transferred to the client’s account in the UK.

    Why This Matters: This case highlights the crucial role that legal expertise plays in matters related to sanctions and frozen funds.

    About Our Expert: Daniel Stepanov is a member of the International Compliance Association and holds a degree in sanctions risk management.

    Contact Information: If you are facing issues related to financial restrictions, our team is ready to help you find the optimal solution.

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