A former investment banker who worked for UBS went to court over her entry on American sanctions lists and won.
As a rule, anyone who the US even places in the vicinity of sanctioned Russian individuals and companies has nothing to laugh about. Business partners withdraw, employment is suspended, and banks stop their services, making it difficult, if not impossible, to even withdraw money.
This is what local financial professionals are currently experiencing in connection with the US sanctions due to Russia's invasion of Ukraine.
On a Russian Bank's Board
While the usual strategy for those affected is to keep their heads down and hope for an easing of sanctions, Elena Titova decided to fight back, as reported by «Bloomberg» (behind paywall). The former investment banker and current entrepreneur who comes from a Russian-Ukrainian family and served as country head of UBS in Russia from 2014 to 2018, succeeded in being removed from the sanctions list of the US Treasury Department.
Titova wound up on the list because she was formerly on the Board of Directors of the Russian bank Otkritie. After the US imposed sanctions on financial firms after Russia invaded Ukraine, hundreds of Russians with ties to the Kremlin or Russian state-owned companies met Titova's fate. Only a few have successfully resisted the measures.
In July, Russian billionaire Oleg Tinkov succeeded in getting the UK to lift sanctions against him.
Begging Doesn't Help
Those wanting to achieve this in the US rarely get through as petitioners, and Titova took legal action to achieve her goal. Having British nationality may have helped the Russian, as perhaps did leaving the Otkritie board when sanctions were imposed on the bank and its management.
With the verdict, the former banker may have only reached the first milestone. According to the report, it can take several years before a formerly sanctioned person can resume an obstacle-free professional life.
The environment for persons with a «Russia nexus» has become more difficult and is also evident in Swiss banking. Increasingly, institutions are withdrawing from services to non-sanctioned private clients. At the end of July, it was reported that Zurich-based Julius Baer would cease all business with clients domiciled in Russia.