Top London Law Firm Freshfields Cuts Ties With Russia's VTB Bank - Bloomberg

Freshfields Bruckhaus Deringer said it’s terminated its relationship with VTB Bank PJSC, just days after it represented the sanctioned Russian lender in a London courtroom.

Freshfields, part of the Magic Circle of top U.K. law firms, moved on Monday to condemn President Vladimir Putin’s invasion of Ukraine.

“We took immediate steps to terminate, suspend or decline mandates, and we are clear that we will not act for companies or individuals with close ties to the Russian state,” it said in an emailed statement. “In line with this clear position, we are also immediately taking steps to terminate our litigation mandate with VTB.”

The decision comes a week after the firm used a broad license from the U.K. government allowing it to act for VTB in litigation stemming from the fallout of the “tuna bond” scandal in Mozambique.

Freshfields lawyers said on March 2 in court that continuing to work for the bank was a “matter of professional obligation.”

— With assistance by Jonathan Browning

source: https://www.bloomberg.com/news/articles/2022-03-07/top-london-law-firm-freshfields-cuts-ties-with-russia-s-vtb-bank

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