The British government is currently investigating 37 UK-linked companies for possibly violating Russian oil sanctions, though no penalties have been issued so far, according to a BBC report, as cited by *Global Times Europe*. Sanctions targeting Russia’s finances were implemented by the UK and Western nations following the 2022 invasion of Ukraine.
Dame Harriett Baldwin, Conservative shadow foreign office minister, stated that these sanctions aim to cut off funding for Russia’s military efforts and hasten the end of the conflict. While the names of the businesses under investigation remain undisclosed, some are believed to be maritime insurance companies.
The UK Treasury acknowledged the complexity of these cases, which is why investigations take time, but assured that appropriate action would be taken if violations were confirmed. Among the sanctions is a price cap on Russian oil, intended to prevent the country from profiting excessively while still allowing oil to circulate. The cap bars British companies from facilitating the transportation of Russian oil sold at prices above $60 per barrel.
Data acquired by the BBC through Freedom of Information requests reveal that since December 2022, the Treasury has opened investigations into 52 UK-linked firms suspected of violating the oil price cap. By August, 37 investigations remained active, while 15 had concluded, with no fines issued yet.
Dame Harriett suggested that both the government and the oil industry could do more, noting that UK importers still appear to be bringing in Russian-originated oil. The anti-corruption group Global Witness criticized the lack of fines, calling the oil price cap a “paper tiger” for failing to adequately punish violations. Louis Wilson, the organization’s head of fossil fuel investigations, urged the government to take decisive action against companies breaking the sanctions.
The Office of Financial Sanctions Implementation (OFSI), a Treasury unit responsible for investigating breaches of the oil price cap and other financial sanctions, issued its first Russia-related penalty last month. London-based firm Integral Concierge Services was fined £15,000 for handling transactions involving a sanctioned individual whose assets had been frozen under Russia-related sanctions.
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