ARTICLE
3 July 2019

OFAC Designates Russian Entity For Violating North Korean Sanctions

CW
Cadwalader, Wickersham & Taft LLP

Contributor

Cadwalader, established in 1792, serves a diverse client base, including many of the world's leading financial institutions, funds and corporations. With offices in the United States and Europe, Cadwalader offers legal representation in antitrust, banking, corporate finance, corporate governance, executive compensation, financial restructuring, intellectual property, litigation, mergers and acquisitions, private equity, private wealth, real estate, regulation, securitization, structured finance, tax and white collar defense.
OFAC designated a Russian entity for helping a North Korean entity gain access to the international financial system.
Worldwide International Law

OFAC designated a Russian entity for helping a North Korean entity gain access to the international financial system.

According to OFAC, the Russian Financial Society provided financial services to the U.S.-sanctioned Dandong Zhongsheng Industry & Trade Co. Ltd, which is owned and controlled by North Korea's primary foreign exchange bank. All property and interest in property of the Russian Financial Society in the United States are now blocked and must be reported to OFAC. Additionally, all U.S. persons generally are prohibited from dealings that involve the Russian Financial Society.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy.

Learn More