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.
Sign up for a free preview to unlock the rest of this article
Timely, relevant coverage of court proceedings and agency rulings involving tariffs, classification, valuation, origin and antidumping and countervailing duties. Each day, Trade Law Daily subscribers receive a daily headline email, in-depth PDF edition and access to all relevant documents via our trade law source document library and website.
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.