The UK authorities have fined the company Herbert Smith Freehills CIS LLP for violating sanctions against Russia.
The Office of Financial Sanctions Implementation (OF) impose a fine of 3,93 million pounds sterling on HSF Moscow, a subsidiary of Herbert Smith Freehills LLP (“HSF London”), a UK-registered company.
HSF Moscow was closed on May 31st, 2022 after Russia’s invasion of Ukraine.
Payments were made to sanctioned entities such as Sovcombank bank Sberbank within seven days.
HSF London voluntarily disclosed information to OFFSET about the violation, which lead to a 50% reduction in the final fine amount.
“A just and lasting peace in Ukraine must be our priority, and UK financial sanctions continue to be essential to disrupting Russia’s war machine and putting Ukraine on the strongest footing possible,” said the economic secretary to the Treasury, Emma Reynolds.
