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Paul D. Marquardt


Paul D. Marquardt

Financial Institutions
Washington DC

Head of our national security practice. Nationally recognized CFIUS and sanctions lawyer advising on a range of cross-border matters.

Paul is the head of our national security practice. He has over 25 years of experience in foreign investment reviews and in economic sanctions and financial crimes compliance and enforcement.  He has been guiding companies through CFIUS since the 1990s. He also advises a wide range of clients, including sovereign and state-owned entities, around the world on the application of U.S. sanctions laws and in export control, anti-money laundering and anti-corruption matters. He deals regularly with CFIUS, OFAC, the U.S. Departments of Justice and State, the Bureau of Industry and Security, and other U.S. and international regulators. His practice includes advisory, transactional, compliance, internal investigation and enforcement matters.

Paul is regularly rated among the nation’s best foreign investment and national security lawyers. Clients tell Chambers that Paul “shows a true command of U.S. sanctions law” and is able “to think of concrete and unique solutions for complex problems.” He is described as “phenomenal,” “brilliant” and “truly an effective, helpful and responsive” lawyer.

Experience highlights

  • Lithium producer Livent in its $10.6 billion merger of equals with Allkem
  • Japan Industrial Partners in its $15 billion take-private of Toshiba
  • Nidec in its hostile tender offer for precision machine tool manufacturer Takisawa
  • Syngenta AG in multiple acquisitions
  • Tencent Holdings Ltd. in multiple acquisitions
  • UBS in its $3 billion acquisition of Credit Suisse
  • Maso Capital-led Duddell Street Acquisition Corp. in its de-SPAC combination with political intelligence firm FiscalNote.
  • Prior to joining Davis Polk:
    • Independent directors of Broadcom in Broadcom’s bid for Qualcomm
    • Google in the sale of Motorola Mobility’s mobile devices business to Lenovo Group
    • Parpública in the sale of a stake in EdP to China Three Gorges
    • Nortel in the divestiture of its CDMA and GSM businesses
    • Highstar in its acquisition of Ports America from Dubai Ports
    • Nokia in the formation of Nokia-Siemens Networks
Economic Sanctions
  • Clearstream Banking in ongoing matters arising from its 2014 OFAC settlement, Iran-related litigation and compliance matters
  • UBAF in its 2020 $8.6 million settlement relating to over $2 billion in transactions relating to Syria and ongoing matters
  • Orascom Investment Holdings in U.S., UK, and UN sanctions issues arising from its historic investment in a North Korean mobile telephone network
  • Alfa-Bank (Ukraine) in severing ties with its former Russian owners and obtaining sanctions relief
  • A major international information services provider in connection with investigating and remediating potentially prohibited payments and services provided in connection with operations in Russia
  • A major multinational financial institution in resolving U.S. sanctions issues arising from its operations and exit from Russia
  • Various clients with respect to the impact of U.S. sanctions on their non-U.S. operations and exposure to restricted Chinese securities
  • TP Global Operations in its acquisition of Truphone from interests associated with Roman Abramovich
  • Kroll Advisory in connection with compliance and licensing issues arising out of legacy operations involving interests in Russian assets
  • Prior to joining Davis Polk:
    • Stanley Black & Decker in connection with its 2019 OFAC settlement
    • Venezuelan Creditors’ Committee in connection with the imposition of sanctions against Venezuelan sovereign debt
    • American Airlines in connection with its resumption of operations in Cuba
    • BNP Paribas in connection with its 2014 guilty plea and settlement with OFAC and DOJ and related matters
View more experience




Chambers USA and Global – International Trade: Export Controls & Economic Sanctions

Chambers USA and Global – International Trade: CFIUS Experts

Legal 500 U.S. – International Trade: Customs, Export Controls and Economic Sanctions

IFLR1000 – Financial Services Regulatory, United States

Who’s Who Legal – Trade & Customs: International Sanctions, Global Leader


J.D., Yale Law School
M.A., Yale University
B.A., University of Michigan
  • with highest distinction


Law Clerk, Hon. James B. Loken, U.S. Court of Appeals, Eighth Circuit, 1994-1995

Professional history

  • Davis Polk since 2021
  • Partner, Cleary Gottlieb, 2003-2021
  • Associate, Cleary Gottlieb, 1995-2003

Qualifications and admissions

  • District of Columbia
  • State of Michigan
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