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John Smith spoke to Law360 about the surge in demand for sanctions-related areas at law firms in the United States and abroad.



How Law Firms Are Riding a Wave of Russia Sanction Work

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John Smith spoke to Law360 about the surge in demand for sanctions-related areas at law firms in the United States and abroad.“It sounds immodest – but the requests are pouring in,” John said about clients in need of help managing the extraordinary compliance risks they are facing. “We’re not getting a lot of sleep these days.”Potential penalties for violating the sanctions exceed $300,000 per violation, or are calculated at twice the amount of a financial transaction violating the sanction. In the case of financial institutions that used to make daily transactions with Russian entities, penalties can reach hundreds of millions, if not billions, of dollars, John noted.“The stakes are as high as they come,” he added.Read the <a target="_blank" href="http:https://media2.mofo.com/v3/assets/blt5775cc69c999c255/blt604b34ae3489d678/62cdf7370c50ad376dfd775a/220527-russia-sanction-work.pdf">full article</a>.