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OFAC Removes Russian Bank Subsidiary From SDN List

The Office of Foreign Assets Control on April 2 removed sanctions from VTB Bank Europe, the European subsidiary of Russian state-owned VTB Bank.

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OFAC also removed the entries for VTB Bank Deutschland and Ost-West Handelsbank -- which are other names for the subsidiary -- from the Specially Designated Nationals List. All three entries are listed with the same address in Frankfurt, Germany.

OFAC didn’t release more information. An agency spokesperson pointed to a Reuters report last year that said the Germany-based VTB Bank subsidiary was undergoing liquidation and was changing its name to OWH SE.