CITIBANK RETURNED FUNDS OF AN L&P CLIENT-BANK BLOCKED IN ITS CORRESPONDENT ACCOUNT

08/02/2022 СITIBANK unblocked and returned previously frozen funds to a major credit institution-client of L&P. Crediting of funds to the account of the bank is confirmed.

 

This signifies successful closure of one more phase of the joint project of the L&P team and our international partners on obtaining of authorizations from the US Office of Foreign Assets Control (OFAC). Over the past 6 months, L&P, in cooperation with the US colleagues, have been hard at work to obtain unblocking and release from the client’s correspondent account of substantial funds in excess of $10 million.

 

“We consistently work to defend the interests of our clients all over the world. The only common feature of all sanctions cases is the uniqueness of circumstances of each specific situation and the need to search for proper arguments and methods of legal protection for each specific jurisdiction, bank and financial regulator. Every success inspires us for future victories!” — says Alexander Linnikov, the founder of L&P.

 

Previously, in January 2023, LINNIKOV & PARTNERS managed to obtain an OFAC license to perform a specific operation with funds of an L&P client-bank that included particular wording declaring in applicability of restrictive measures of the United States to the client. It was precisely this official statement of the American regulator that laid legal grounds for the decision of CITIBANK to return the funds to their rightful owner.

 

“It was a unique experience of working with American colleagues – undisputed leaders in sanctions law and liaison with OFAC. The Client’s funds were blocked just a few days after the introduction of sanctions, so this particular case, taking into account the timing of review of applications and the amount of “frozen” funds, can be considered an exceptional success”, – comments Anton Minakov, one of the lading attorneys of the L&P sanctions practice group.