127 British companies have voluntarily reported violations of sanctions against Russia to the UK government. This was reported by the Financial Times, citing the UK Treasury’s response.
The publication notes that for companies that admit violations and cooperate with the investigation, the British authorities reduce the fines. A Financial Times source close to the Financial Sanctions Enforcement Office said the agency was not trying to “unduly” punish companies for wrongdoing and was taking various mitigating factors into account.
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Companies can face warnings, fines or prosecution for breaching UK sanctions. For example, the company Future Technology Devices International (FTDI) from Glasgow has sold to Russia semiconductors worth more than $280 thousand in one 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 on more than 1,600 individuals and companies since the start of the full-scale Russian invasion of Ukraine.
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2023-11-07 06:20:00
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