Here in the UK, law firms may think they have nothing to do with Russia and are therefore not affected by sanctions, but they should not be complacent, according to Frank Maher, partner at Legal Risk solicitors.
The risk and compliance matters arising from sanctions are developing at such a pace that it is difficult to keep up, so what do law firms need to know? In a fascinating article in this week’s NLJ, Maher looks at the impact of international sanctions.
He writes: ‘Sanctions can affect any law firm―some years ago the writer encountered a small personal injury firm which found it had a client on a sanctions list. The breadth of scope of the sanctions now being imposed, even prohibiting the sale of tickets to Chelsea Football Club matches, is such that many firms who do not regard themselves as being in the vanguard of firms acting for Russians may find themselves caught up unwittingly.’
