UK law firms aiding Russian oligarchs could face penalties, No 10 suggests
Law firms working to stop Russian oligarchs getting hit by UK sanctions could themselves be targeted by financial curbs, No 10 has suggested as it warned them to “think very carefully” before propping up those allied to Vladimir Putin’s regime.
Boris Johnson’s official spokesperson said Russia “must be treated like a pariah state” and warned City legal firms, accountants and banks that they should not be supporting allies of the Russian regime.
The Foreign Office has revealed that it has been sent numerous legal letters by firms representing oligarchs and companies seeking to avoid sanctions amid the Ukraine crisis.
Ben Bradshaw, a Labour MP, has called on the government to “name and shame” law firms involved in lobbying on behalf of the financial interests of Russian clients seeking to avoid sanctions but the government has so far refused to reveal any names.
Asked on Monday whether those law firms could themselves be sanctioned, Downing Street said: “We will certainly keep all options under review… This is an incredibly serious situation and we want to take all possible steps to ratchet up the pressure on Putin and his regime to get him to step back from this path.
“Individuals and businesses seeking to facilitate that regime and Putin’s actions to continue down this path of violence we think should step back from that as well.”
Johnson’s spokesperson added that businesses should “think very carefully if they are still continuing to do anything that props up the Putin regime”.
He also said the sanctions were intended to bring down the Putin regime – but quickly clarified that he had misspoken and meant to say they were aiming to “inflict financial pain on Putin and his regime, to stymie the Russian war machine as it attempts
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