The Answers: What Do the U.S. Sanctions Mean and Is There a Business Future for the Designated Bulgarians
International Trade and National Security attorney Antonia Tzinova was interviewed by Klub Z, a leading Bulgarian publication on current events, on the effect of U.S. sanctions under the Global Magnitsky Human Rights Accountability Act. On June 2, 2021, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated three Bulgarian nationals and 64 entities linked to them, under Executive Order 13818, which implements the Global Magnitsky Act. According to OFAC, these designations constitute the largest single action under the Global Magnitsky Act to date. The designations were for significant acts of corruption and include a Bulgarian businessman, a former member of parliament, as well as a current high level government official involved in control over the use of surreptitious devices. The designations created a storm of reactions and raised many questions in Bulgaria.