As of May 17, a total of 127 British companies voluntarily reported violations of sanctions against Russia.
This is reported by the Financial Times. To find out, journalists submitted a request to the British Treasury.
If a company voluntarily admits to wrongdoing and cooperates with the investigation, it can reduce government fines. Violations are monitored by the Department of Financial Sanctions of the Ministry of Finance of Great Britain.
According to business analysts, the sanctions have become a serious test for British business, given that Russia is more integrated into the world economy than other sanctioned regimes, in particular, Iran, Syria and North Korea.
In addition, the lack of information about the ultimate beneficiaries and controllers of companies, as well as Russian shareholders who may be hiding behind shell companies, can make compliance with sanctions difficult.
- After Russiaʼs full-scale invasion of Ukraine, Great Britain imposed sanctions against more than 1,600 people and companies from Russia.