In light of the U.S. Federal government sanctioning of Russian banks pursuant to Executive Order, closings involving sanctioned Russian banks cannot be completed. This includes requesting payoffs of mortgages or the sending of any funds to satisfy a mortgage.
Please review the current sanctions list to confirm whether a lender is subject to this prohibition prior to communicating with a Russian lender. The sanctions list, which continues to change, can be accessed here: https://sanctionssearch.ofac.treas.gov/
Some Russian banks may seek to obtain a license from OFAC which would allow them to do business in the normal course. Underwriting approval is required prior to relying on any such license.
We will continue to update you as additional information becomes available. Please contact The Fund’s Underwriting Department with any questions.