UK to legislate to prohibit Russian companies from using UK lawyers
The UK will introduce a law on Thursday, 29 June, that will ban UK lawyers from advising Russian companies on certain business deals.
Source: UK Ministry of Justice statement, as reported by European Prvada
Details: Under the law, wealthy individuals and large companies that have some connections with the Russian regime will be further limited in their access to UK legal expertise for deals that could bolster the aggressor country's budget.
Quote: "A new law… will prevent UK lawyers from advising Russian companies in certain business deals – thwarting the nation from benefiting economically from the UK’s world-leading legal expertise. This could include trade deals between global corporations, or international money lending," the statement said.
The step builds on existing sanctions imposed on Russia over the last year, when its companies were restricted from accessing legal advice and expertise from UK lawyers.
"The UK legal system underpins many international contracts and businesses, and we will no longer allow Russia to benefit from our knowledge and expertise," Alex Chalk, Lord Chancellor and Secretary of State for Justice, commented on the law.
The new law may also prevent UK lawyers from advising international companies on lending to Russian businesses, the Ministry of Justice said, but will not affect the legal representation of Russian citizens.
For reference: Russia depends on Western countries for legal expertise: the UK used to export £56 million worth of legal services to Russian businesses every year.
The UK froze assets worth around £19 billion and imposed sanctions against more than 1,550 Russian citizens following Russia's invasion of Ukraine.
Background: The United Kingdom has introduced new legislation that will allow sanctions against Russia to remain in place until Moscow compensates Ukraine.
The newly announced legislation by the UK Foreign Secretary James Cleverly allows Russians subject to sanctions to donate their frozen assets towards the restoration of Ukraine.
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