5 October 2016

Zimbabwe: Zim Firms Removed, but Mugabes Stay On Us Sanctions List

Photo: The Herald
Zimbabwe's President Robert Mugabe and the First Lady Grace Mugabe.

The Office of Foreign Assets Control (OFAC) of the US Department of the Treasury has removed Zimbabwean individuals and companies from its list of Specially Designated Nationals and Blocked Persons under the Zimbabwe-related sanctions programme.

The US imposed sanctions on the country in the early 2000s, mostly targeted at Zimbabwean politicians Washington accused of undermining democracy and human rights; this included asset seizures and travel bans.

The OFAC has seized export receipts, amounting to millions of dollars, from several Zimbabwean companies over the years owing to sanctions.

Notable companies removed from the sanctions list on Tuesday include Zimbabwe Stock Exchange-listed ZB Financial Holdings and its subsidiaries as well as the Industrial Development Corporation (IDC), a government-owned entity.

The removal from the list will come as a relief to ZB and the IDC, which has in the past noted that the embargo hampered its efforts to attract investors and obtain international credit lines.

President Robert Mugabe and First Lady Grace are however still on the sanctions list.

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