Penalty issued by subsidiaries of major law firms to violate sanctions related to Ukraine's invasion of Russia

The Financial Synsation of Ainistriction (OFSI) imposed a monetary punishment for Herbert Smith Hills CIS LLP (HSF Moscow).

HSF Moscow was a subsidiary office for UK Herbert Smith Pribe Hills (HSF London) until HSF London was closed on May 31, 2022, as a result of Ukraine's invasion of Russia in February 2022.

Financial fines are associated with HSF Moscow, which has a collective value of 3,932,392.10 to a designated person with asset frozen, pays six payments. The specified people were Alfa-Bank JSC, PJSC Sovcombank and PJSC SBERBANK. The company provided funds directly by a sanction company. When the company hurt the Russian office, the payment over seven days showed a pattern of failure.

As a result of these violations, OFSI has a 465,000 penalty on HSF Moscow.

Emma Reynolds, the financial assistant, said:

Our promise to strong execution of British financial sanctions is firm.

Ukraine's legitimate and persistent peace should be our priority, and British financial sanctions are essential to interfere with Russian war machines and to put Ukraine on the most powerful foundation as possible.

HSF London voluntarily disclosed violations to OFSI on behalf of HSF Moscow, thus reducing a 50% reduction in the final penalty.

This penalty shows the company's dedication to pursue a violation of financial sanctions whenever a violation of financial sanctions occurs. Everyone is obliged to comply with the UKS financial sanctions system, from the largest to the smallest agency. OFSI is ready to take advantage of the entire scope of legal authority to pursue people who commit serious financial sanctions.

Financial sanctions are essential for UKS's efforts to be responsible for Russia and to form the strongest foundation for Ukraine. OFSI innovatively improved tools, processes and intelligence as part of UKS's efforts to implement financial sanctions. The result is a result of the results in August 2024 by indicating some of the OFSIS pipelines linked to Ukraine's illegal invasion through the financial punishment imposed on Integral Concierge Services Limited (ICSL). The UK will continue to prioritize sanctions, including public actions such as financial punishment, unveiled behaviors, and public measures, such as recommending regulators.

Note for the editor:

OFSI has published a monetary penalty for HSF Moscow and has made a public ruling that it has not found a fault of the parent company HSF London's actions.

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