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The UK government is investigating 37 businesses with links to the UK for possible breaches of Russian oil sanctions. No fines have been issued so far. The sanctions, which the UK and other Western countries introduced after Russia’s invasion of Ukraine in 2022, are meant to cut off sources of finance for Russia’s war machine and accelerate an end to the invasion. Critics argue that the sanctions are ineffective, citing figures that show Russia’s economy continues to grow.
The cap on Russian oil prices is a central part of the sanctions. It prohibits British businesses from facilitating the transportation of Russian oil sold above $60 a barrel. The Treasury has opened investigations into 52 UK-related companies suspected of breaching the price cap since December 2022, with 37 of those investigations still live and 15 closed. At present, the affected businesses remain unidentified, though some are believed to be maritime insurance firms.
The anti-corruption organization Global Witness called it “quite astonishing” that no fines have been issued yet. Louis Wilson, the head of fossil fuel investigations at Global Witness, said if the UK government “prevents British businesses from enabling Putin’s profiteering, then I think you’ll start to see others following that lead”. But according to Wilson, companies under investigation almost always find their way out of trouble by obtaining promises or voluntary documents that grant them immunity.
The Office of Financial Sanctions Implementation is the Treasury unit responsible for investigating possible breaches of the oil cap and other financial sanctions. It received an extra £50m in funding in March to strengthen enforcement of the UK’s sanctions regime. The former chair of the Treasury Select Committee initiated an inquiry into the effectiveness of sanctions on Russia in February. The findings of the inquiry were never published, and it remains uncertain whether the new Treasury Select Committee will take up the same work
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