{"id":120071,"date":"2023-11-06T13:29:06","date_gmt":"2023-11-06T13:29:06","guid":{"rendered":"https:\/\/blogcamlodipine.com\/?p=120071"},"modified":"2023-11-06T13:29:06","modified_gmt":"2023-11-06T13:29:06","slug":"staggering-127-uk-companies-admit-breaching-sanctions-against-russia","status":"publish","type":"post","link":"https:\/\/blogcamlodipine.com\/world-news\/staggering-127-uk-companies-admit-breaching-sanctions-against-russia\/","title":{"rendered":"Staggering 127 UK companies admit breaching sanctions against Russia"},"content":{"rendered":"
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A staggering 127 companies in the UK have admitted that they are breaching British sanctions against Russia.<\/p>\n
Official data shows that the businesses voluntarily disclosed their sanctions violations to the UK government earlier this year.<\/p>\n
The Financial Times reported that by voluntarily admitting their breaches, companies can reduce penalties by the government.<\/p>\n
Since the war in Ukraine began, the UK has placed around 1,600 companies and individuals under sanctions.<\/p>\n
Included in these sanctions is a moratorium on UK businesses dealing with companies under sanctions.<\/p>\n
READ MORE: <\/strong> Ukraine’s future ‘bleak’ as counteroffensive stalls and commanders refuse orders[LATEST] <\/strong><\/p>\n
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Speaking to the FT, financial crime partner Stacy Keen said the sanctions had been a big test for British businesses.<\/p>\n
They explained: \u201cThe Russian sanction packages have been felt more keenly outside of Russia in a heightened way that others just haven\u2019t in the past.<\/p>\n
\u201cRussian individuals and entities had a footprint outside of Russia that perhaps if you look at the Iranian regime or the Syrian regime.\u201d<\/p>\n
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Following the admission of the breaches, there are several penalties British companies could face.<\/p>\n
These vary from criminal prosecution to no action, from a civil penalty to a warning letter. Financial penalties in these cases have no cap.<\/p>\n
What\u2019s more, the war in Ukraine has revealed just how intertwined some Russian entities and British businesses are.<\/p>\n
Last year, Chelsea FC faced significant jeopardy when its then-owner, oligarch Roman Abramovich, was placed under sanctions.<\/p>\n
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In recent weeks, the UK announced it was intensifying its sanctions against Russia in response to sham elections in the Kherson, Zaporizhzhia, Donetsk and Luhansk, and Crimea.<\/p>\n
In a statement, Foreign Secretary James Cleverley said: \u201cRussia\u2019s sham elections are a transparent, futile attempt to legitimise its illegal control of sovereign Ukrainian territory.<\/p>\n
\u201cYou can\u2019t hold \u2018elections\u2019 in someone else\u2019s country. The UK will never recognise Russia\u2019s claims to Ukrainian territory \u2013 Crimea, Zaporizhzhia, Donetsk, Luhansk and Kherson are Ukraine.\u201d<\/p>\n
According to the government, over 60 percent of Putin\u2019s foreign reserves have been immobilised.<\/p>\n