UK Doubles Maximum Fine For Sanctions Violations

(MENAFN- UkrinForm) The HM Treasury reported this , according to Ukrinform.

“We are increasing economic pressure on Putin – making it harder for him to wage his illegal war and inflict untold suffering on innocent Ukrainians,” John Healey, Chancellor of the Exchequer, said in a statement issued during his first participation in the G20 summit in the United States.

He said the UK and its allies must strengthen international cooperation to expose sanctions evasion and dismantle financial networks that fuel Russian aggression.

The maximum fine that the Office of Financial Sanctions Implementation (OFSI) can impose for a sanctions violation has now been increased from 50% to 100% of the value of the transaction involved in the violation.

In addition, the UK issued a nationwide alert regarding the Kremlin-backed A7 network. According to the British government, the network has been used to transfer funds, finance procurement and exploit foreign banking systems to circumvent sanctions.

The alert is intended to help the private sector combat sanctions evasion and ensure that Russia bears the full cost of the restrictions imposed on it, the HM Treasury said.

“The A7 network has also been linked to Iranian state-associated actors, reinforcing the need to tackle head-on the network's role in facilitating sanctions evasion and illicit financial activity,” the statement said.

Read also: EU introduces new sanctions against Russia in response to attacks on Ukraine

As previously reported by Ukrinform, the UK government warned defense company executives whose firms manufacture products for Ukraine of a high risk of assassination attempts and sabotage by Russian intelligence services.

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