Baker Mckenzie analyses association with Russian clients
It had advised the Ministry of Finance last year
The US-headquartered international law firm Baker McKenzie is reviewing engagements with some of its Russian clients as a result of the ongoing Russia-Ukraine conflict.
In a statement, a spokesperson from the firm said, "Baker McKenzie is reviewing and adjusting the Russia-related operations and client work to align with all applicable sanctions and comply with these fast-evolving laws. We do not comment on the details of the specific client relationships, but this will mean in some cases exiting relationships completely."
In 2020, Baker McKenzie advised the Russian state-owned VTB Bank on a refinancing agreement. Last year, it represented the country's Ministry of Finance on a sovereign bond offering.
The Russia-Ukraine crisis has prompted law firms to reassess their relationships with Russian entities. Following the invasion of Ukraine, another US-based law firm Sidley Austin had recently severed its ties with VTB Bank.