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Lawsuit challenges OFAC’s 50 percent rule

A lawsuit filed in New York by an American businessman, Andrew Intrater, challenges the U.S. Department of Treasury’s Office of Foreign Assets Control’s ability to freeze assets if they are 50% owned or managed by designated individuals. In this case, Intrater’s cousin, Viktor Vekselberg, is the designated individual. Intrater applied for licenses to use and manage his property, but OFAC has yet to respond.

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