EU – Baltic States, Latvia, Security, USA
International Internet Magazine. Baltic States news & analytics
Wednesday, 24.04.2024, 14:05
US impose sanctions on Lembergs
"Corruption deprives people of their countries' resources, basic essential services, and economic opportunities, while it enriches a select few and facilitates environmental destruction, political instability, and conflict," said Secretary of the US Treasury, Steven Mnuchin.
OFAC has listed four organizations that belong to or are controlled by Lembergs - Vetspils Freeport Administration, Ventspils Development Agency, Business Development Agency, and the Latvian Transport Business Association.
OFAC has issued General Licence No. 1 of the Global Magnitsky Sanctions Regulations that let to restrict transactions of the four entities for a period of 30 days.
In line with the sanctions, Lembergs' properties, shares in properties, the above-mentioned organizations and structures directly or indirectly owned by them that are located in the US or in the property or control of US citizens are blocked and should be reported to the OFAC.