London’s approach involves voluntary disclosure, which gives companies the opportunity to reduce penalties.
More than 100 British companies have admitted violating sanctions imposed in response to Russia’s invasion of Ukraine. The Financial Times reported this.
The UK government’s approach is based on cooperation and voluntary disclosure, which allows companies to reduce fines. As a result of a Treasury request, more than 100 British companies have admitted to violating British sanctions against Russia.
The UK’s large-scale imposition of sanctions is a difficult problem for British business, the media note.
Due to Russia’s integration into the global economy, many UK companies have ongoing business relationships with Russian businesses, making compliance with sanctions difficult. The UK’s sanctions compliance approach encourages cooperation and voluntary disclosure.
Despite the UK’s strong stance on Russia’s actions in Ukraine and the introduction of sanctions to deter further aggression, the implementation challenges reflect the complex nature of the global economy and the barriers to isolation of a country like Russia.
The UK regime’s sanctions against Russia are part of a wider effort by Western countries to hold Russia accountable for its actions in Ukraine.
The US and EU have also imposed sanctions against Russia, targeting individuals and entities involved in the aggression.
These sanctions have a significant impact on the Russian economy, but their effectiveness is limited by Russia’s integration into the world economy, the publication notes.
As is known, in August the UK expanded the anti-Russian sanctions list by 19 positions, including, among other things, Iranian individuals and legal entities that provide support to the Russian Federation in the defense sector.
Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.