As of May 17, 127 British companies have voluntarily reported to the UK government that they have violated sanctions against Russia. The Financial Times reports this with reference to the response from the UK Treasury.
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The publication notes that for companies that admit violations and cooperate with the investigation, the British authorities reduce fines.
A Financial Times source close to the Office of Financial Sanctions Implementation (OFSI) said the agency does not try to “unjustifiably” punish companies for mistakes and takes into account various mitigating factors.
Companies could face warnings, fines or criminal prosecution for violating UK sanctions.
Future Technology Devices International (FTDI) from Glasgow sold semiconductors worth more than $280 thousand to Russia over the course of a year, including microchips. One of the company’s products was found in a Russian tank near Kiev in March 2022. However, the British authorities did not recognize this as a violation of sanctions.
The UK has imposed sanctions against more than 1,600 individuals and companies since the start of the full-scale Russian invasion of Ukraine.
The UK’s approach is based on cooperation and voluntary disclosure, allowing companies to reduce penalties.
The UK’s widespread imposition of sanctions poses a challenge for UK businesses. Given Russia’s significant integration into the global economy, many UK companies have ongoing business relationships with Russian businesses, making sanctions compliance difficult.
Source: Racurs
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.