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Law Firm Cuts Ties With Russian Clients as Sanctions Bite (3)

Feb. 28, 2022, 10:49 PM

Several law firms said they are reviewing and, in some cases, planning to cut ties with major Russian clients as pressure mounts to comply with strict sanctions aimed at strangling the country’s influence around the world.

Baker McKenzie, a Chicago-based firm that posted over $3 billion in revenue last year, said it was reviewing its Russian-related operations and clients to comply with sanctions. Baker McKenzie advised VTB Bank on a refinancing agreementin 2020 and represented Russia’s Ministry of Finance on a sovereign bond offering last year.

“We do not comment on the details of specific client relationships, but ...