OFAC lifts sectoral sanctions on Sberbank AG
The US Treasury Department’s Office of Foreign Assets Control (‘OFAC’) has lifted its sanctions on the former Swiss branch of Russia’s largest bank, deleting Sberbank (Switzerland) AG from its Sectoral Sanctions List.
The Swiss Sberbank subsidiary was sold in September 2022 to the Geneva-based investment firm m3 Groupe Holding SA. Stephen Lynch, a US citizen and partner in global investment firm Monte Valle Partners, which assisted with the sale, also acquired a 10% stake. Post-sale, the bank was renamed TradeXBank Ltd.
Sberbank’s Swiss branch had been under US sectoral sanctions since 2015, along with 25 other foreign financial institution subsidiaries in which Sberbank owned 50% or more of the shares. At the time of its sale, Sberbank AG was under restrictions by the Swiss Financial Market Supervisory Authority, which had limited its business to necessary transactions only. The restrictions were withdrawn after the sale.
