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    Successful Resolution of Financial Freeze Through OFSI Licensing

    In a recent case, a Latvian entity faced significant financial challenges when its funds were frozen due to geopolitical tensions. The entity had engaged with a Russian state organisation to purchase agricultural products. Following the onset of the war шт 2022, the Latvian entity terminated its agreement with the Russian counterpart. The funds, earmarked for return to the company’s UK bank account, became inaccessible when:

    1. The UK bank refused to accept the funds without a licence from the Office of Financial Sanctions Implementation (OFSI).
    2. The European bank holding the funds declined to release them, also citing the need for an OFSI licence.

    Role of Daniel Stepanov in Resolving the Matter

    Daniel Stepanov was engaged to navigate the complex regulatory framework and secure the OFSI licence necessary to release the blocked funds. His involvement included:

    • Handling the licence application review for the OFSI and identifying mistakes.
    • Addressing OFSI’s detailed queries and providing clarifications.
    • Collecting and submitting the required evidence to demonstrate compliance with sanctions regulations.
    • Maintaining extensive communication with OFSI to ensure a timely resolution.

    Outcome

    As a result of Mr. Stepanov’s diligent efforts, the OFSI licence was successfully approved and the deadlines met. This enabled the release of the frozen funds, which were promptly deposited into the client’s UK bank account.

    This case underscores the importance of legal expertise in navigating sanctions-related financial restrictions and achieving positive outcomes for clients in challenging circumstances.

    Daniel is a professional member of the International Compliance Association and has a Diploma in Managing Sanctions Risks.

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