Latham’s Economic Sanctions & Export Controls Practice successfully represented Yildirim Group, a global industrial conglomerate based in Istanbul, Turkey, in its efforts to delist superyacht, M.Y. Axioma from the US Department of Treasury’s Specially Designated Nationals and Blocked Persons (SDN) List.
On August 2, 2022, pursuant to Russia-related sanctions, the M.Y. Axioma yacht was added to the SDN List along with its then-owner. After Yildrim’s subsidiary, Sealease SA, purchased the vessel at auction, Latham worked to convince the US Department of State (State) and the US Treasury Department’s Office of Foreign Assets Control (OFAC) to delist the vessel. On May 19, 2023, State and OFAC removed the yacht from the SDN List following review, finding that the M.Y. Axioma no longer met the criteria to be identified as blocked property. The delisting allows the M.Y. Axioma to resume normal operations, as US persons are now permitted to engage in transactions and dealings with it.
The Latham team was led by Washington, D.C. partner Les Carnegie, London partners Nick Cline and Charles Claypoole, and Washington, D.C. associate Allison Hugi.