UK authorities will step up pressure on violators of sanctions aimed at Russia, doubling the potential fines against those found guilty of evading such measures, the UK Treasury stated in a press release.
Chancellor of the Exchequer John Healey justified the decision by citing the need to increase the country’s economic pressure on Moscow:
“The UK and our allies must step up our international cooperation to expose sanctions evasion and disrupt the financial networks fuelling Russia’s aggression.”
The department’s press release is largely devoted to the operations of the A7 crypto network, which was placed under restrictions in the UK this past May. British authorities issued the network the country’s first-ever nationwide warning against sanctions evasion.
London has also decided to double the maximum fine for evading financial restrictions. Previously, the maximum penalty was set at half the amount obtained through the violation; now it can reach 100%.
The UK government continues to add Russian financial institutions such as Ozon Bank to its sanctions lists, along with “shadow fleet” vessels and defense industry enterprises. Since the start of the year, the sanctions list has grown by 500 companies and individuals.
