ŠKODA JS Removal from the U.S. OFAC’s Sanctions List

OFAC (Office of Foreign Assets Control, an agency of the U.S. Department of the Treasury) issued an  official notice  of the removal of ŠKODA JS from the Sectoral Sanctions Identifications List (“SSI List”), which may be retrieved from https://ofac.treasury.gov/recent-actions/20230512.  As a result, US sanctions restrictions on certain transactions relating to debt or equity of ŠKODA JS no longer apply.  Going forward, parties contemplating transactions or dealings with ŠKODA JS need not consider these restrictions.

ŠKODA JS was added to OFAC’s SSI List in 2016 due to its indirect ownership by the Russian Gazprombank.  Once its ownership by Gazprombank ended, ŠKODA JS submitted an application for its removal from the U.S. sanctions list in June 2022.  The shares of ŠKODA JS were temporarily held by WOOD & Company as of June 2022, and in November 2022, after the approval of the sale of the company by the antitrust authorities, the CEZ Energy Group became a 100% owner of ŠKODA JS.  Based on the information submitted to OFAC by ŠKODA JS, OFAC informed ŠKODA JS on May 12, 2023 of its determination that inclusion of ŠKODA JS on the SSI List is no longer warranted.  During the designation removal procedure, OFAC also notified U.S. Congress on April 13, 2023 of its intent to remove the sanctions-related prohibitions placed on ŠKODA JS.

ŠKODA JS is a Czech company and supplier of key components and equipment for a number of power plants with domestic employees and unique know-how, with which ČEZ has long cooperated, especially in the field of nuclear fuel and maintenance of nuclear power plant primary circuits.

Jan Stolár, Spokesperson
jan.stolar@skoda-js.cz    +420 605 221 093