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A new profession is becoming increasingly popular in Russia, namely, lawyers that handle all aspects of "sanctions counseling," Russian newspaper Kommersant reported.
Sberbank and other Russian banks have opened positions of a "chief specialist of the sanctions regime monitoring department in the compliance office" or a "leading expert on international sanctions control," according to Kommersant.
"Sanctions counseling services are currently very much in demand, but there are no true professionals in the market," says Artem Zhavoronkov, a partner in Dentons' St. Petersburg office.
Read also"We have lost": Sberbank of Russia's CEO calls Russia "downshifter state"He notes American lawyers have been dealing with such issues for decades already due to the U.S. practice to impose sanctions against foreign state actors. Russian corporate lawyers have just started going deeply into the essence of the problem.
Earlier, Forbes focused on estimating losses incurred by "Putin's friends" due to the Western sanctions.