6 May 2024 19:55

United States lifts sectoral sanctions from Sberbank's former Swiss subsidiary

MOSCOW. May 6 (Interfax) - The United States has lifted sectoral sanctions from Sberbank (Switzerland) AG, which Sberbank sold in the autumn of 2022, the United States Treasury Department's Office of Foreign Assets Control (OFAC) said.

Sberbank (Switzerland) AG in December 2015 came under sectoral sanctions that prohibit attracting long-term financing and placing shares in the United States.

Sberbank closed the deal to sell Sberbank (Switzerland) AG in early September 2022. Switzerland's m3 Groupe Holding SA investment group at the time obtained a majority stake, and U.S. citizen Stephen Lynch, a partner and founder of the Monte Valle Partners international investment company, became a minority shareholder.