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Russian Court Rejects Claim for Funds Frozen Under UK Sanctions, Highlighting the Importance of an OFSI Licence
The dispute concerned a payment instruction issued in July 2022 by Damir Garifullin, who asked Ural Bank for Reconstruction and Development (UBRiR), a Russian bank, to transfer US$1,345 from his Russian account to an account held with Trustbank in Tashkent, Uzbekistan. To execute the payment, UBRiR routed the funds through its US dollar correspondent account at The Bank of New York Mellon (BNY Mellon). BNY Mellon subsequently transferred the money to Standard Chartered Bank i
11 hours ago4 min read
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