LATEST ACCOMPLISHMENTS OF THE GRIMALDI ALLIANCE “SANCTIONS” PRACTICE

On 17/06/2022 the national financial markets’ authority of one of the EU member-states has decided to authorize the unblocking of brokerage and correspondent accounts of a credit institution-resident of one of the countries of the Eurasian Economic Union, opened with financial institutions and banks in a European jurisdiction.


Foreign accounts of a bank represented by Linnikov & Partners were blocked in April, 2022 due to suspicions of the European authorities that the bank may be subject to EU restrictive measures in connection with its indirect corporate ties to Russian “specially designated persons”. The international “sanctions” law practice team led by Alexander Linnikov carried out a comprehensive review of the situation and issued a legal opinion with solid proof on impossibility of application of sanctions to the bank and its clients.


The legal opinion of the GRIMALDI ALLIANCE team has laid ground for an appeal of the assets’ freeze, which was upheld by the national financial markets’ regulator of an EU member-state. Besides, earlier it has become known that all restrictions on operations of the L&P client-bank with international payments’ systems VISA and MasterCard had been lifted.


“We are currently in the process of appealing unjustified decisions of European financial authorities and our client’s counterparties on “freezing” the bank’s accounts in several EU member-states and Great Britain. I suppose that the precedent that we have generated will facilitate full recovery of our client from biased suspicions, unblocking of all accounts and allow to resume business as usual”, – comments the leader of the “sanctions” practice team Alexander Linnikov: “Moreover, we plan to use the experience and new understanding of the position of European regulators to help other clients that suffer of excessive caution and “overcompliance” on the part of the EU authorities and banks”.


You my learn more about the L&P – GRIMALDI ALLIANCE “sanctions” law practice by viewing our information materials in Russian: https://drive.google.com/file/d/1_e0lGQUZyB0M4V4ONTmGWXyEVj0fmK5w/view