The UK law firm Herbert Smith Freehills has been ordered to pay £465,000 for transferring £3.9 million to the accounts of sanctioned Russian banks and their subsidiaries. The firm pleaded guilty, citing an error. Experts say this is the first time the UK regulator has fined a law firm for violating anti-Russian sanctions. Judging by the statements of the UK financial authorities, this is only the beginning of a large-scale campaign to identify violators of the sanctions regime.
Andrei Gusev, Senior Partner at Nordic Star Law Offices, commented on the case in an article in Kommersant. See the link for more details. (Article in Russian).
Andrei Gusev
Senior Partner, Attorney-at-Law
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