US-headquartered international law firm Baker McKenzie is set to review its arrangements with some of its Russian clients in the wake of the ongoing Ukraine crisis, Bloomberg reports.

In a statement given to Bar & Bench, a spokesperson from the firm said,

“Baker McKenzie is reviewing and adjusting our Russia-related operations and client work to align with all applicable sanctions and comply with these fast-evolving laws. We do not comment on the details of specific client relationships, but this will mean in some cases exiting relationships completely.”

Baker McKenzie advised Russian state-owned VTB Bank on a refinancing agreement in 2020 and represented the country's Ministry of Finance on a sovereign bond offering last year.

The Russia-Ukraine crisis has prompted law firms to reassess their relationships with Russian entities. Another US-based firm Sidley Austin said it had severed ties with VTB following the invasion of Ukraine last week.