More than 100 British companies admitted to violating sanctions against Russia

As of May 17, 127 British companies have voluntarily reported violations of sanctions against Russia to the UK government. This was reported by the Financial Times with reference to the response from the UK Treasury.

The publication notes that for companies that admit violations and cooperate with the investigation, the British authorities reduce fines.

A Financial Times source close to the Office of Financial Sanctions Implementation (OFSI) said the agency does not try to “unjustifiably” punish companies for mistakes and takes into account various mitigating factors.

Companies could face warnings, fines or criminal prosecution for violating UK sanctions.

"Important Stories" drew attention to the publication of The Times, which states that Future Technology Devices International (FTDI) from Glasgow sold semiconductors worth more than $280 thousand to Russia over the course of a year, including microchips. One of the company’s products was found in a Russian tank near Kiev in March 2022. However, the British authorities did not recognize this as a violation of sanctions.

• The UK has imposed sanctions on more than 1,600 individuals and companies since the full-scale Russian invasion of Ukraine began.