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How to unfreeze funds from a sanctioned bank
My savings are stuck in a foreign bank that was recently added to a US sanctions list. Now, no international bank will process a transfer from them, and I can’t access my own money. Is this legal under international law? How can a regular citizen get their funds out if the bank itself is sanctioned? Is there a way to get a special license to move the money to a safe jurisdiction?
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1 Reply
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This is one of the toughest spots to be in. When a bank is hit with “primary” sanctions, it is basically cut off from the global financial system. However, OFAC does sometimes issue “general licenses” or “specific licenses” that allow individuals to withdraw their personal funds. You should definitely check the guidance on https://ofacblockedfundslawyers.com/ about how to apply for such a license. It is a very technical process and you have to prove that the money is not related to any illegal activity. In my experience, doing this alone is nearly impossible because the US Treasury is very slow to respond to individual requests. Having a specialist who knows the exact wording they want to see is the only way to speed it up. Don’t lose hope, but be prepared for a long legal battle to get your savings back.
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