Large law firms are cutting ties with Russian clients and even shuttering their Moscow offices as U.S. and European sanctions hit blue-chip clients, and Russia's cut off from segments of the global financial system.

Why it matters: Big Law is just one of a host of sectors fleeing Russia amid its invasion of Ukraine. But its exit could deprive oligarchs and Russian multinationals of vital services connecting them to business and financial systems.

• American and European law firms have been central to Russia's integration into the global economy.
• Firms based in London, New York and other business hubs have brokered massive deals and structured billions in assets.

Driving the news: Axios contacted 30 major American and European law firms with offices in Moscow and St. Petersburg — some with hundreds of attorneys there — to see if they plan to maintain their presences in Russia.

• At least five firms — the London-headquartered Linklaters, Norton Rose Fulbright and Freshfields Bruckhaus Deringer; Helsinki's Borenius; and the American firm Morgan, Lewis & Bockius — plan to shutter their Russian offices entirely.
• Another, Swedish firm Mannheimer Swartling, said it has suspended operations in Russia and is "analyzing" whether to exit the country.
• Three firms — New York's Cleary Gottlieb, Chicago's Winston & Strawn and Amsterdam's Houthoff — said they will drop all Russian government and state-sponsored clients.
• New York's Debevoise & Plimpton said it has "taken action...

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