Galaxy Bearings Limited has been removed from the United States Department of the Treasury's Office of Foreign Assets Control (OFAC) Specially Designated Nationals and Blocked Persons (SDN) List. The removal was effected vide letter dated June 30, 2026.
With this removal, the proceedings relating to the Company's designation on the SDN List stand concluded. Consequently, the Company is now permitted under applicable US laws to engage in transactions with US persons and through the US financial system, subject to applicable laws and regulations.
The removal from the SDN List is expected to facilitate the normalization of the Company's international business operations, including transactions involving US counterparties and the US financial system.
Event Timeline
- Date of occurrence of event: June 30, 2026
- Time of receipt of information: 12:32 A.M. (IST) on July 1, 2026
Place
Ahmedabad