Over 100 British companies admit breaching sanctions on Russia

As of May 17, 2023, a total of 127 UK companies notified the UK government of breaching sanctions imposed on Russia since the start of 2022.

The Financial Times newspaper reports with reference to data from HM Treasury.

The FT explains that its jurisdiction, the Financial Sanctions Enforcement Authority, takes into account companies' voluntary admissions of those violations when considering violations of sanctions rules. Thus, by sending notifications of sanctions violations to HM Treasury, companies can reduce the amount of the fine in the future.

According to the newspaper, after Russia’s military operation against Ukraine, the Treasury added more than 1,600 legal entities and companies to the sanctions lists. The last time the UK expanded the list of sanctions against Russia was on September 7, when it included 11 Russians whom the agency considers involved in cybercrimes.