WIDEN Latvia client
receives frozen funds
29 balandžio, 2024
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WIDEN Latvia client has entered into a settlement with a former credit institution, receiving funds that were frozen by the credit institution due to the suspected sanctions violations.
Since 2014, the European Union has imposed a series of sanctions against Russia, and these sanctions are also directly binding on Latvia. Sanctions are regularly updated, therefore it is important to understand the meaning of the sanctions applied and the exceptions when the service provider has the right to receive payments even from companies with related persons subject to sanctions.
The WIDEN Latvia team purposefully demonstrated that the exemptions that allow a service provider to receive payments from a sanctioned company apply to the specific situation. The joint work of the WIDEN Latvia team brought the result, allowing the client to receive the frozen funds in full.
WIDEN Latvija (previous name – RER Lextal) has been providing a wide range of legal assistance for more than 10 years, including issues related to the application of sanctions.
