Lobbying giant Sidley Austin dropped VTB Bank as a client after U.S. imposed sanctions following Russia's invasion of Ukraine.
Sidley Austin, one of the most powerful lobbying firms in Washington D.C., told CNBC on Friday that it's no longer representing the bank after picking it up as a client in 2015.VTB Bank signs at the ExpoForum Convention and Exhibition Centre, St. Petersburg International Economic Forum, in St Petersburg, Russia.VTB Bank lost their top U.S. lobbyists after President Joe Biden's latest round of sanctions on the massive Russian financial institution.
"VTB Group is no longer a client of Sidley Austin LLP in compliance with U.S. sanctions," a spokesman said in an email. The firm continued to represent the company with the U.S. government after it was initially sanctioned in 2014 post Russia's invasion and annexation of Crimea, a region within Ukraine.
The most recent of sanctions by the U.S. also took aim at executives with ties to VTB, including high-ranking officials Andrey Sergeyevich Puchkov and Yuriy Alekseyevich Soloviev, according to the Treasury Department.that Sidley Austin's team of lobbyists engaged with those working in the U.S. State Department and members of Congress when they initially represented the bank.
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