The Office of Foreign Assets Control of the US Treasury Department (OFAC) has lifted sanctions against the Cyprus company Veles International Limited and its owner Dmitry Bugayenko.
In 1995, Dmitry Bugaenko and Alexey Gnedovsky founded the investment company Veles Capital in Russia. Bugayenko is one of the top 1000 most professional Russian managers.
Bugayenko was sanctioned by the United States in 2023 for the fact that his companies are engaged in “asset management and also serve high-income Russian individuals.”
After the sanctions were imposed, Veles International Limited stated that “all assets of our clients (including all securities, funds, rights and other interests) were blocked… We are currently assessing the consequences and the measures being taken that will allow us to fully protect the interests of our clients with respect to their assets in our custody.”
OFAC did not inform about the reasons for the lifting of sanctions.
