EVEN PARIAHS HAVE RIGHTS – COURT REFUSES BVI LAW FIRM PERMISSION TO SEVER LINKS WITH SANCTIONED ENTITY

On 7 April, the EU Sanctions blog reported on a decision of the Eastern Caribbean Supreme Court sitting in the BVI refused an application by Ogier to come off the record for VTB.  Ogier had set forth its reasons saying that it was “against Ogier’s ethics and code of practice to act for a company so closely associated with the Russian state in the circumstances” and that it could not act “ in  any  meaningful  way act  or represent  VTB without the risk of Ogier and people who work for Ogier being in breach of the  sanctions  regime”.  The firm argued that recent  guidance from Jersey  (being subject  to  the  same  sanctions) states that the circumstances provided ‘just cause’ for the termination of a retainer with a sanctioned entity.

https://www.europeansanctions.com/2022/04/bvi-court-rejects-application-for-firm-to-come-off-the-record-for-vtb-even-pariahs-have-rights/

https://www.eccourts.org/jsc-vtb-bank-v-alexander-katunin-4/

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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