UK Issues New Russia-Related Legal Service Sanctions License
The U.K. on Oct. 25 issued a new license under its Russia and Belarus sanctions regimes related to certain legal services payments, replacing the current license that was scheduled to expire Oct. 28 (see 2305010012), according to the EU Sanctions blog. Under the new license, the cap for services based on a prior obligation and services not based on a prior obligation may not exceed 10% of the "amount payable for the professional legal fees and Counsel's fees," or around $60,700, whichever is lower.
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All payments must flow directly to an account held in the U.K. by a law firm, legal adviser, counsel or expense provider. After receiving a payment, parties have 14 days to report the exchange. The letter of engagement between the sanctioned entity and the legal adviser sent to the Office of Financial Sanctions Implementation must be unredacted and the "group ID" of the designated party must also be provided.