The Institute of International Bankers’ Bank Talk podcast welcomed Partner Sid Kamaraju to its program to discuss the nuances and ramifications caused by Magnitsky Act sanctions. Sid joined a conversation with the IIB’s Director of Strategic Communications, Meghan Milloy, Lisa Prager, General Counsel and Executive Vice-President at Agricultural Bank of China, and Josh Shrager, Senior Vice President at Kharon. They discuss Magnitsky Act sanctions, complications for foreign banks, and solutions thereof.

Listen in below:

The Situation: Plaintiffs in an underlying trademark action sought contempt-sanctions for violations of asset restraining orders against six nonparty Chinese banks that held assets of judgment debtors (hundreds of alleged counterfeiters) at Chinese branches.

The Result: In Next Investments LLC v. Bank Of China, the Second Circuit denied sanctions against the Chinese banks, finding that there was “fair ground of doubt” as to whether the mere provision of routine account services at foreign branches to non-compliant […]