Kenneth Rijock

Kenneth Rijock

Tuesday, January 15, 2019

CONGRESS WILL SEEK TO BLOCK REMOVAL OF OFAC SANCTIONS AGAINST RUSSIAN COMPANIES TODAY

Movement, in both houses of the US Congress, is expected today, to block any action by Treasury to remove OFAC sanctions that exist against companies controlled by Russian investigation figure, and OFAC SDN, Oleg Deripaska. The Trump Administration, by asserting that Deripaska's majority corporate holdings will be reduced to a minority interest, is arguing that control will effectively change. Unfortunately, Deripaska's management team, which he personally selected, will remain in place, and he still will be the largest, and therefore most influential, shareholder.

I personally cannot buy Treasury's attempt at sleight-of-hand, to make it appear that control has shifted from Deripaska, and feel this feeble attempt to justify what is obviously a political act, is an insult to the intelligence of anyone in the compliance industry. Let us hope that saner heads prevail here, and Deripaska's companies' sanctions are not lifted.

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