Western cargo and shipping companies have begun to turn to law firms for advice as they consider resuming business with Russia in preparation for the potential lifting of US sanctions against Russia, the Financial Times (FT) reported.
According to the publication, US President Donald Trump's desire for rapprochement with Moscow has provided a previously unrealistic opportunity to ease some restrictions. In response, Western companies are consulting lawyers on restructuring their operations to restore trade with Russian companies, even though EU and UK sanctions remain in place.
The differences in approaches between the US and Europe are currently “a serious problem for business“, said Sam Tait, a representative of the law firm Clyde &... Co. “Some companies are planning for such changes in their operations and considering how to prepare for them“, the expert added.
Daniel Martin, a sanctions specialist at the law firm HFW, recalled that historically Western companies have structured their operations in accordance with US measures, which have almost always been “the most restrictive“. Now clients are asking whether they need to rework these programs to be more in line with Europe, given the more aggressive stance of the EU and the UK towards Russia. It is a matter, as Martin put it, of “mapping“ what is happening at the moment in order to “get the best assessment of what could happen from a US perspective“. If US sanctions are eased, oil traders would likely be more willing to resume cooperation with Russia than oil producers, who would have to invest more to do so, the lawyer said.
Lee Hanson of the law firm Reed Smith believes that most multinational companies will continue to be constrained by EU and UK sanctions, even if the US begins to ease restrictions on trade with Russian companies. According to the specialist, large energy companies and similar transnational companies will still "have representations in the EU or the UK". According to Hanson, the opportunities associated with the easing of US sanctions are more likely to be used by companies in Asia or the Middle East, expanding their existing Russian business. Companies that have been in this business for the past few years will continue to do so, and this will allow them to make big money, Hanson said.