News

CLIENT ALERT: OFAC DE-LISTS VENTSPILS AND EXTENDS GENERAL LICENSE K RELATED TO THE DESIGNATION OF COSCO

December 19, 2019

VENTSPILS

As reported in our Client Alert of December 12, 2019, the Ventspils Freeport Authority was added to the U.S. Specially Designated Nationals (SDN) list on Monday, December 9, 2019. Yesterday (December 18), the U.S. authorities removed that entity from the SDN list. The removal was based on the takeover of the entity by the Latvian government and the removal of it from the control of Aivars Lembergs, the Mayor of Ventspils, Latvia. Mr. Lembergs reportedly owned/controlled the Ventspils Freeport Authority. In removing that entity from the list, Deputy Secretary of the U.S. Treasury Department Justin G. Muzinich said, “The U.S. applauds the Latvian government’s swift response to Lembergs’ designation. This delisting of the Ventspils Freeport Authority underscores our commitment to work closely with our partners to combat corruption.”

To read the full Client Alert, click HERE.