OZON - Ozon Holdings' banking unit included in SDN List

Ozon Holdings (NASDAQ:OZON), a Russian ecommerce platform, said on Feb. 24, its banking subsidiary Ozon Bank was included in the Specially Designated Nationals and Blocked Persons List (SDN List) by the Office of Foreign Assets Control (OFAC) of the U.S. Treasury Dept. as an entity “linked to Sovcombank”. Ozon acquired 100% of share capital of Oney Bank from Sovcombank on May 26, 2021. On closing of the deal, Oney Bank ceased to be an affiliate of Sovcombank and was renamed Ozon Bank. The rationale for the acquisition with minimum operations was to equip OZON with the necessary banking license for the development of Ozon financial services products. Since Ozon Bank is no longer linked to Sovcombank, OZON intends to apply to OFAC for the removal of the unit from the SDN List. Management believes there is no material adverse effect on OZON's ability to conduct business based on the currently

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Ozon Holdings' banking unit included in SDN List