These cases are noteworthy for the following reasons:

▫️ In the first instance, VERBA LEGAL's lawyers managed to have the client’s securities unblocked despite the Treasury's earlier refusal when the client engaged another law firm to try to obtain the relevant licence;

▫️ In the second instance, more than 80 securities were unblocked, with the team having to go through a complex multi-stage dialogue with the regulator including dealing with a series of detailed and technically challenging requests.

Both clients have also been licensed to unblock future payments relating to the securities in question, which sets an important precedent given the sanctions restrictions currently in place.

The practice team continues to support clients to complete the rearrangement of assets and execute the decisions in full.

Managing Partner Tatyana Neveeva and Senior Associate Nikita Zhemchugov worked on the projects.