The BBC has reported that the UK government is currently investigating 37 businesses with links to the UK for potentially violating sanctions on Russian oil.
This investigation comes in the wake of financial sanctions imposed on Russia following its invasion of Ukraine in 2022.
Key Points
- No fines have been issued yet, despite ongoing investigations.
- The sanctions include a price cap on Russian oil, set at $60 per barrel.
- Since December 2022, 52 UK-connected companies have been investigated, with 37 cases still open.
- The identities of the businesses under investigation remain undisclosed, but some are believed to be maritime insurance companies.
Critics argue that the sanctions have been ineffective, pointing to recent data showing growth in the Russian economy.
The anti-corruption group Global Witness has expressed surprise at the lack of penalties, describing the oil price cap as “a mere paper tiger”.
The Treasury’s Office of Financial Sanctions Implementation (OFSI) is responsible for investigating potential violations.
In March, OFSI received an additional £50 million in funding to enhance the enforcement of the UK’s sanctions framework
