Britain is investigating more than 30 cases of Russian sanctions evasion
12.10.2024 - 09:35
The investigation concerns violations of oil sanctions, however, no fines have yet been imposed.
The UK government is investigating 37 companies linked to possible violations of sanctions imposed against Russia. This is reported by the BBC.
The investigation concerns violations of oil sanctions. The restrictions were put in place by the UK and other Western countries after Russia launched a full-scale invasion of Ukraine in 2022. The investigation is ongoing into the companies, whose names have not been released. However, it is assumed that marine insurance companies may be among them.
According to data obtained by the BBC under Freedom of Information laws, since December 2022 the UK Treasury has opened investigations into 52 companies linked to suspected violations of price restrictions on Russian oil. As of August 2024, 37 investigations are still ongoing, and 15 have been completed — however, so far without the imposition of fines.
The anti-corruption organization Global Witness expressed surprise at the lack of fines and compared restrictions on Russian oil to a “paper tiger” unable to effectively deal with violations. In particular, activists are calling for stronger action against companies that violate sanctions.
The investigation is being carried out by the Office for Financial Sanctions (OFSI) at the UK Treasury, which received an additional £50m in March to strengthen the sanctions regime.
The Ministry of Finance declares that coercive measures will be taken “if necessary”, and sanctions violators will be prosecuted. However, the agency claims that in 2023, sanctions have already led to a 30% drop in Russia’s oil export revenues compared to the previous year.
The day before, USM wrote that Belarusian fertilizers were supplied to Ukraine through the port of Izmail to circumvent sanctions.
