June 21, 2024

Political Commentary

News Politics Business Sports

British companies admit breaching sanctions on Russia

2 min read

Stay informed with free updates

More than 100 UK companies have admitted breaching British sanctions against Russia since it invaded Ukraine last year, official data shows.

A total of 127 companies had voluntarily disclosed sanctions violations to the UK government as of May 17, according to a freedom of information request submitted to HM Treasury and seen by the Financial Times. By voluntarily admitting breaches and co-operating with investigations, businesses can reduce government penalties.

The UK has placed more than 1,600 individuals and companies under sanctions since Russia launched its full-scale invasion of Ukraine in February 2022.

In response to the war, the UK has formed its most severe package of sanctions against a major economy, placing a moratorium on UK entities dealing with more than two dozen banks and more than 100 oligarchs.

Stacy Keen, financial crime partner at law firm Pinsent Masons, which made the FOI request, said the sanctions’ breadth had created a big test for British business, given how much more integrated Russia was with the global economy compared with other regimes under sanctions, such as Iran and North Korea.

“The Russian sanction packages have been felt more keenly outside of Russia in a heightened way that others just haven’t in the past,” she said. “Russian individuals and entities had a footprint outside of Russia that perhaps if you look at the Iranian regime or the Syrian regime — there just wasn’t those interlinks between the economies.”

Business should consider admitting breaches to ensure the greatest leniency, Keen added. Sanctions penalties can range from no action or a warning letter, to a civil penalty or criminal prosecution. Financial penalties have no cap.

HM Treasury’s Office of Financial Sanctions Implementation is responsible for monitoring breaches.

A person close to the OFSI said the unit was “not trying…

2023-11-06 06:00:10

All news and articles are copyrighted to the respective authors and/or News Broadcasters. VIXC.Com is an independent Online News Aggregator

Read more from original source here…

Leave a Reply

Copyright © All rights reserved. | Newsphere by AF themes.