UK still has no convictions for violating sanctions against russia

“Financial investigations of this nature are usually complex and time-consuming. To date, there have been no completed cases under the new sanctions and money laundering law,” Biggar said.

He added that in other countries comparable to the UK, investigations and trials in such cases take an average of seven years. However, the NCA is currently conducting a number of investigations into sanctions violations, and some of them are pending charges.

In the middle of last year, the NCA indicted the former governor of Sevastopol, Dmitry Ovsyannikov, for sanctions violations and money laundering. A British passport was found in Ovsyannikov's possession and he was released on bail pending a trial scheduled for March this year.

The Sanctions and Money Laundering Act, which was passed four years ago, was a response by Boris Johnson's government to numerous criticisms that it was not doing enough to combat dirty money from russia. This law allows for criminal prosecution of sanctions violators.

Potential violations of financial sanctions in the UK are investigated by the Office of Financial Sanctions Enforcement (OFSI), which received additional funding of £50 million last March. In October, the BBC revealed that OFSI was investigating 37 cases against British companies suspected of helping to circumvent oil sanctions against russia. 15 cases were closed without any penalties.

In November, the OFSI issued a fine of 15 thousand pounds to a company that provided concierge services to sanctioned individuals.

British Foreign Secretary David Lammy said that russia has lost more than $400 billion since February 2022 due to Western sanctions. When asked by MPs about taking action against British companies that help russia circumvent oil sanctions, Lemmy said that new decisions could be expected in the coming days.

Source: Mezha