Firms must identify Russian business partners and 'non-Russian counterparties that have a significant exposure to Russia' – Pinsent Masons sanctions expert, Stacy Keen
The Solicitors Regulation Authority (SRA) has reminded law firms of the importance of their role in ensuring all sanctions imposed on Russia by the UK government are complied with.
Law firms have a responsibility to safeguard the UK and protect the reputation of the legal services industry. All SRA-regulated firms are required to have appropriate policies in place to ensure compliance with sanctions legislation, including regular and appropriate checks of sanctions lists. Breach of the sanctions requirements can result in criminal prosecution or a fine.
Speaking on 23 February, a day before Russia’s invasion of Ukraine, Stacy Keen, a sanctions expert at multinational law firm Pinsent Masons, said: “Businesses shou...