Russian Banks Are Now Responsible for the Frozen Funds On Bank Accounts of Russian Clients

21 February 2023

Arbitrazh court for the Moscow City issued a judgement under the claim of a Russian entity to Alfa-Bank JSC. By this decision the court ordered the Russian bank to make a refund of the frozen funds allocated on the accounts of a correspondent bank to its client as well as charged the bank with penalties and interest for the use of its client’s money.

Legal Advisory Services Under Newly Applied Sanctions

07 November 2022

In October 2022, the European Commission approved the eighth package of sanctions against Russia. Among other restrictions it established a ban on the provision of legal services to Russian companies. A few weeks later, on October 24, the European Commission published answers to frequently asked questions including explanations as to what kind of legal services fall under the ban and whether the extension of sanctions to this sphere does not entail restrictions on the right to protection.