The CLSB is advising all Costs Lawyers to be alert to any implications for their practice arising from the UK Government’s recent announcement of sanctions on Russia. All Costs Lawyers must play their part in safeguarding the UK and protecting the reputation of the legal services industry. Breaching the financial sanctions requirements can result in criminal prosecution or a fine.
The financial sanctions prevent law firms from doing business or acting for listed individuals, entities or ships. Firms should check the financial sanctions lists before offering services or undertaking transactions for clients.
The lists and information about the UK sanctions regimes in force, are constantly updated and published online. The FCA has also published helpful guidance on the sanctions regime. Guidance is also available on exemptions for which a licence may be sought from the Office of Financial Sanctions Implementation.
We encourage all Costs Lawyers to keep any client work that has a Russian nexus under review to ensure compliance.
See our most recent updates here.