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US Treasury simplifies the rules under which sanctions may be under a company whose owner is itself in the sanctions list of States. Previously, this required that one person is under sanctions owned at least 50% of the shares of the company. Now the proportion of individuals and organizations from the sanctions list can be added if it belongs in the amount of no less than half of a company, the sanctions will automatically apply to it.
Notice of change of rules was published on the website of the American Ministry of Finance on Thursday night. From this it follows that the current procedure has been revised due to “numerous inquiries” received by the Office of Foreign Assets Control (OFAC) at the department.
the tangible and intangible property that is now or in the future to reap income persons who had fallen under sanctions automatically recognizes blocked, it follows from the new rules. You do not even need to make this additional property in the sanctions list SDN, says the document.
According to Bloomberg, the most obvious purpose of the new rules of the Ministry of Finance becomes the insurance group “SOGAZ”, 61% of which belongs to the structures in the amount of business Yuri Kovalchuk and Gennady Timchenko. Until the spring of 2014 the main shareholder of “SOGAZ”, was an investment company “Abros”, a subsidiary of the bank “Russia” Kovalchuk. March 11, “Abros” reduced its stake in the possession of the insurer from 51 to 48.5%. And on March 20 Kovalchuk hit the American sanctions list SDN.
Another 12.5% in the “SOGAZ” belongs Volga Group Gennady Timchenko. She came under American sanctions on April 28 itself Timchenko – another 20-March. Potentially fill up the sanctions list and the Finnish company can Arena Events Oy – operator Arena Hartwall Arena in Helsinki, Finland. Half of the operating company owned by Volga Group, 25% – the brothers Arkady and Boris Rotenberg, who is also included in the list SDN in March.
George Makarenko
August 14, 2014
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