Getting Ozon Bank on the sanctions list will not negatively affect the company’s business – Ozon

The inclusion of Ozon Bank in the sanctions list will not negatively affect the company’s business, Ozon said in a statement.

On February 24, Ozon’s banking subsidiary, OZON Bank LLC („OZON Bank”), was placed on the Specially Designated Nationals and Denied Persons List (SDN List) by the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury. OFAC has included OZON Bank on the SDN List as an entity “associated with OAO Sovcombank”. Ozon announced its intention to apply to OFAC with a request to remove Ozon Bank from the SDN list due to the fact that the company no longer has ties with the sanctioned Sovcombank.
„Management believes that, based on currently available information, there is no material adverse effect on our ability to conduct business,” the statement said.
The company adds that at the moment there are no restrictions on transactions with Ozon securities by US citizens, in addition, persons who are not US citizens cannot be subject to any secondary sanctions due to transactions with the company’s securities.

About bank

Ozon acquired 100% of the authorized capital of Oney Bank LLC from Sovcombank on May 26, 2021. As of the closing date of the transaction, Oney Bank ceased to be an affiliate of Sovcombank and was subsequently renamed Ozon Bank. A key rationale for the deal for Ozon was to obtain the necessary banking license to develop its own financial products and services for buyers and sellers, the company explains.
Ozon cannot provide any guarantees as to the timing or success of OFAC’s review of this application, Ozon said earlier.
Ozon is one of the leading e-commerce companies in Russia.

Michael Cooper

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