Britain fines Herbert Smith Freehills for breaching financial sanctions against Russia

Britain has issued a £465,000 penalty against Herbert Smith Freehills CIS LLP for breaching UK financial sanctions on Russia. The breaches involved six payments to sanctioned financial entities, including Alfa-Bank, Sovcombank, and Sberbank, totaling £3,932,392.10 during the firm's winding down of its Russian offices.

Updated On Mar 20, 2025 at 03:55 PM IST

Britain has imposed a monetary penalty against Herbert Smith Freehills CIS LLP for breaches of UK financial sanctions imposed on Russia's invasion of Ukraine in 2022, according to the Office of Financial Sanctions Implementation statement.

The Office of Financial Sanctions Implementation imposed a penalty of 465,000 pounds on HSF Moscow. The penalty relates to six payments made by HSF Moscow with a collective value of £3,932,392.10 to designated persons subject to an asset freeze.

The designated persons were Alfa-Bank JSC, PJSC Sovcombank, and PJSC Sberbank. In committing the breaches, the firm made funds directly available to sanctioned entities. The payments, which took place over a period of seven days as the firm wound down its Russian offices, demonstrated a pattern of failings.