By Maya Lester KC & Michael O’Kane

Swedbank settles with OFAC over violations of Crimean sanctions

On 20 June 2023 Swedbank Latvia AS, a subsidiary of Swedbank AB agreed to remit $3,430,900 to settle its potential civil liability for 386 apparent violations of OFAC sanctions on Crimea. Swedbank Latvia were accused of permitting a shipping industry client in Crimea to initiate 386 transactions totaling $3,312,120, processed through US Correspondent banks, in 2015. When, in 2016 the…...

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About Maya Lester KC

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Maya Lester KC is a senior barrister (King’s Counsel) at Brick Court Chambers with a wide-ranging practice in public law, European law, competition law, international law, human...

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