UK has doubled fines for breaching sanctions against Russia – to 100 per cent of transaction value
The UK is stepping up financial pressure on Russia and those who help it circumvent sanctions. The maximum fine for breaching the restrictions can now be up to 100 per cent of the value of the transaction – twice as much as before.
According to Censor.NET, this was stated by the UK Treasury.
The penalty may amount to the full value of the transaction
The maximum penalty that the UK Office of Financial Sanctions Implementation (OFSI) can impose for breaches of sanctions has been increased from 50 per cent to 100 per cent of the value of the relevant transaction.
"We are stepping up the economic pressure on Putin and leaving those who are aiding his illegal war with nowhere to hide," said British Minister John Healy.
According to him, the United Kingdom and its allies must cooperate more actively to uncover schemes to circumvent sanctions and dismantle the financial networks that facilitate Russian aggression.
Britain has warned of the Kremlin-linked A7 network
At the same time, the British authorities issued a nationwide warning regarding the Kremlin-backed A7 network.
According to the government, it was used to transfer funds, finance purchases and utilise foreign banking systems to circumvent sanctions.
The UK Treasury has also highlighted A7’s links to Iranian state bodies. The warning is intended to help banks and other private-sector entities identify transactions that may be used to circumvent sanctions against Russia.
