Irish corporate law firms to cease acting for Russian clients
Central Bank has identified close to €50 billion worth of financial assets held in Ireland that are linked to Russian entities
A raft of Irish corporate law firms have distanced themselves from Russian clients as Vladimir Putin’s invasion of Ukraine continued over the last week.
It comes after the Central Bank identified close to €50 billion worth of financial assets held in Ireland that are linked to Russian entities, the vast majority of which is debt finance raised through special purpose vehicles (SPVs) and used by Russian banks and corporates.
In response to detailed questions from the Business Post, almost all of the large corporate law firms in Dublin said they would immediately terminate all instructions linked to Russian entities and would also decline any new business from Russian firms.