newZWire

Now that he is designated on the sanctions list, any property or interests that Tagwirei or Sakunda have in the US, or that is in the possession of any American, must be blocked and reported to the US government.

This means that any international transfers of money to and from Tagwirei or Sakunda can no longer be channeled through the United States, which handles a significant proportion of global banking transactions. Banks that deal with him risk being fined. It will be tough for Tagwirei or Sakunda to open international bank accounts and transfer money, as those banks, even if they are not American, can be fined.

In April 2019, Standard Charterd Bank plc was fined US$18 million by the US government for handling transactions for Zimbabwean state-owned firms and sanctioned individuals. Barclays plc was fined US$2.5 million for transactions in handled between between 2008 and 2013.

CBZ was also fined heavily for handling transactions on behalf of ZB Bank, then on the sanctions list. Tagwirei is said to now hold a stake in the bank.

American citizens are also now banned from having any dealings with either Tagwirei or his company.

Sakunda is involved in the commodities business and logistics, and sanctions could hurt its capacity to trade.