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Russian e-commerce platform Ozon has announced that its banking subsidiary Ozon Bank has been removed from the US’ list of sanctioned entities. 

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In retaliation to the Russian invasion of Ukraine in February, several Russian banks were sanctioned by the US authorities.

The Office of Foreign Assets Control (OFAC) of the US Treasury Department added Ozon Bank to the Specially Designated Nationals and Blocked Persons List (SDN list) citing its link to the Sovcombank OJSC. 

Notably, Sovcombank along with Sberbank, VTB Bank, Bank Otkritie and Novikombank among others are those that have been slammed with sanctions. 

Ozon reached out to the OFAC for the removal of its bank from the SDN list. 

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Ozon said it bought 100% of the share capital of Oney Bank from Sovcombank in May 2021 and is not linked to Sovcombank anymore. 

“The rationale for the acquisition of the bank with minimum operations was to equip Ozon with the necessary banking license for the development of Ozon financial services products for the benefit of its customers and merchants,” the retailer noted. 

Meanwhile, on 11 March 2022, the Bank of Russia registered a new lender called Ekom Bank with around $432m (RUB3.6bn) in authorised capital, an Interfax report said.

The data from the Unified State Register of Legal Entities indicated that the new bank is owned by Internet Logistics, whose ultimate beneficiary is Ozon.