VALENTIN P GAPONSTEV, A RUSSIAN-BORN US CITIZEN WHO FOUNDED THE LASER TECHNOLOGY COMPANY IPG PHOTONICS, SHOULD NOT HAVE BEEN INCLUDED IN A LIST OF RUSSIAN OLIGARCHS WHO COULD BE LIABLE TO SANCTIONS

On 13th September, the EU Sanctions blog reported that the US Treasury has said that Gaponstev should not have been included in a list contained in a report published for the purpose of the CCATSA sanctions Act.  The list in the Report was not a sanctions list, but it identified oligarchs who were supposedly close to the Russian regime, and at the time of publication in January 2018, the Treasury Secretary said that the Treasury would use this report to inform sanctions decisions.  An agreed settlement to a lawsuit brought by Gaponstev contained the confirmation that the Treasury had based its original list on one taken from a Forbes magazine article, but that it had now revised the list in the view of new information.

https://www.europeansanctions.com/2019/09/ofac-says-it-should-not-have-included-gasponstev-in-us-russian-oligarch-list/

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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