sanctions

This week, one of the UK’s leading law firms – Herbert Smith Freehills – was fined almost half a million pounds for breaching sanctions against Russian banks. The reason for the fine was ‘making funds available for the benefit of a designated person without a licence’ – the designated persons in this case being three banks: Alfa-Bank JSC, PJSC Sovcombank, and PJSC Sberbank. The payments arose as a consequence of…