Freedom Holding Corp. (NasdaqCM:FRHC) has abandoned its previous plans to withdraw from Russian assets after clarification of the U.S. Office for Foreign Assets Control (OFAC), the company said in a statement. On June 1, the company decided to sell its Russian arm to the company's founder Timur Turlov, who planned to rebrand the company and sell it to the Russian top management team.

But the OFAC clarified the U.S. sanctions recently, and Freedom Holding decided to scrap the initial plan. The company still plans to sell the Russian assets, and will provide financial support to the Russian asset only to maintain its existing investment in the country. No new projects and no expansion of old projects will be made, the company said.