The UK has doubled the fine for circumventing sanctions against russia

This was announced by the UK Treasury, according to Ukrinform.

“We are stepping up economic pressure on Putin and leaving no place for those who support his illegal war to hide,” said UK Chancellor of the Exchequer John Healy in a statement released during his first attendance at the G20 summit in the US.

He said that the UK and its allies must step up international cooperation to expose instances of sanctions evasion and dismantle the financial networks fuelling russian aggression.

From now on, the maximum fine that the Office of Financial Sanctions Implementation (OFSI) can impose for sanctions breaches has been increased from 50 per cent to 100 per cent of the value of the transaction in question.

In addition, the UK has issued a nationwide warning regarding the Kremlin-backed A7 network. According to the UK government, it was used to transfer funds, finance procurement and abuse foreign banking systems in order to circumvent sanctions.

The warning aims to help the private sector counter sanctions evasion and ensure that russia bears the full cost of the restrictions imposed against it, the UK Treasury stated.

“The A7 network is also linked to Iranian state entities, which further underscores the need to directly counter the network’s role in facilitating sanctions evasion and illicit financial activity,” the statement said.

Source: Press release, Ukrinform