Doing business in Russia was never for the faint of heart. Now, as the grip of Western sanctions tightens, the global law firms that helped create a modern Russian legal market are finding it harder than ever to compete.
The United States and the European Union first hit Russia with extreme economic sanctions in 2014, following the invasion of Crimea. Responding to alleged meddling in the 2016 election, the U.S. doubled down on 24 specific oligarchs allied with Russian President Vladimir Putin in April. As the relationship between the two nations continues to deteriorate, the prospect of further sanctions hovers.