Good Russians, Bad Russians
16 June 2022

Good Russians, bad Russians

Dominic Carman


How offshore firms are dealing with sanctions compliance, the rule of law and Russian clients

‘We’re being asked to decide: who are good Russians and who are bad Russians. That’s an impossible decision to take.’ The words of a prominent offshore lawyer, reflecting on the unprecedented sanctions that were swiftly imposed against the Putin regime when Russian tanks rolled across the Ukrainian border in February. As those sanctions continue to increase in scope and scale, so do the challenges facing law firms in multiple jurisdictions, including the big offshore players.

The anonymous offshore lawyer quoted above does not claim to speak for others, but the views expressed may resonate with some. They include the following: ‘The easy thing to do is just to say: no Russian work at all, full stop. That’s the easy default option. But that is not fair on those Russians who oppose the war and who need good legal representation. Equally, if we punish the entire Russian nation for the actions of a few, it will create serious global, economic and political ramifications for a long time to come, which are potentially much worse than if we take a slightly more nuanced and sophisticated view. It’s hugely hypocritical of the UK government to have a go at offshore jurisdictions, when it has been the main recipient of Russian money over several decades.’

Related News

November 2022 News

MIND-BLOWING: OPPORTUNITIES FOR THE IPO OF PSYCHEDELICS COMPANIES (OR, HOW TO CHANGE INVESTORS’ MINDS)

Nigel Gordon, capital markets and M&A partner at Fladgate LLP, explores the IPO potential of psychedelics companies

November 2022 News

Private Capital: Regulatory horizons

Geoff Cook, Chair of Mourant Consulting in Jersey, looks at regulatory horizons affecting private capital in the United States, Europe and Asia.

September 2022 News

Private Capital: Navigating the Future

Ben Robins, Partner, and Geoff Cook, Consultant, Mourant examine the change of tone by US Federal Reserve Chair Jerome Powell and the prospect of higher rates amid continued uncertainty

September 2022 News

Branding in the Metaverse: the new big thing

Kate Ellis, Head of the Branding Group at Konexo, considers the implications for brand owners who want to protect, use, exploit and enforce their brands in augmented virtual reality.