The US Treasury removed Dana Holdings Limited, its subsidiary, and Nebojša Karić (son of Bogoljub Karić) from the US sanctions list. The companies and the family have multiple projects in #Belarus and are well-connected to Lukashenka.
https://x.com/HannaLiubakova/status/1958884380295692656

The removal of Dana Holdings Limited may be connected to the fact that it was liquidated in Cyprus. A company that no longer exists can be dropped from the blacklist as a technical step.

But the puzzling element is different: why was Nebojša Karić - a sanctioned shareholder and son of oligarch Bogoljub Karić - also taken off the US list?

Since 2020, the EU, US, UK, and Canada have sanctioned the Karićs for profiting from and supporting Lukashenka's regime, with Nebojša directly targeted.

Since 2020-21, the EU, US, UK, and Canada sanctioned the Karićs for profiting from and supporting Lukashenka's regime, with Nebojša directly targeted.

In October 2022, Belarusian investigative journalists reported that the Karić family had moved EUR 170 million from Belarus to Cyprus. They also changed the ultimate beneficial owner of Dana Holdings.

Just two weeks before US sanctions were imposed, Dana Holdings sold its Cypriot firms to the Emirati company for EUR 700 million.

In 2024, Dana Astra executives were even detained in Belarus - while Lukashenka publicly addressed complaints from apartment buyers. The company still operates inside Belarus.

So while Dana Holdings' dissolution in Cyprus can explain its delisting, the decision to remove Nebojša Karić personally from sanctions remains an open question.

Ofac's statement: https://ofac.treasury.gov/recent-actions/20250821