Britain suspects 52 companies of violating oil sanctions against russia

The UK government is investigating 52 British companies for potentially violating russian oil sanctions. However, none of them has been fined yet.

The limit prohibits British companies from transporting russian oil that costs more than $60 per barrel.

In December 2022, the Office of Financial Sanctions Enforcement (OFSI) launched an investigation into 52 companies suspected of violating the price cap. In March, the OFSI received an additional £50 million to improve the UK's sanctions regime. In August this year, 15 investigations were completed, but none of the firms were fined. Another 37 cases are still being considered.

The Ministry of Finance stated that it would take the necessary measures, but pointed to the complexity of the cases as the reason why they take a long time. At the same time, the anti-corruption organization Global Witness said it was “very surprising” that no fines had been imposed so far and called for “bold action” against companies that violate sanctions.

The BBC does not have exact data on the firms, but writes that some of them are likely to be marine insurance companies.

Conservative shadow foreign secretary Dame Harriett told the BBC that “presumably the government and the oil sector itself can do more because it seems British importers are still bringing in oil that comes from russia.”

Source: BBC