Banks, Financial Services, Latvia, USA

As reported, the U.S. Department of the Treasury's Office of Foreign Asset Control (OFAC) on December 9 imposed sanctions on a number of natural and legal persons in Europe, Asia and Latin America, including on Lembergs, based on the so-called Magnitsky act.

As of today, any financial transactions with Ventspils Development Agency, Business Development Association and Latvian Transit Business Association will not be possible as banks will not be servicing them.

Lembergs, in turn, will have one account to receive, for instance, benefits and pensions, pay taxes, and pay for purchases in stores.