The government is investigating 37 UK-linked businesses for potentially breaking Russian oil sanctions – but no fines have been handed out so far, the BBC can reveal. The identities of the businesses are unknown but it’s understood some are likely to be maritime insurance firms.
The Treasury said it would take action where appropriate, but pointed to the complexity of the cases as a reason they take considerable time.
But Sir William Browder, a longstanding critic of Russian President Vladimir Putin, said it was an “embarrassment” that there had not been a single prosecution or fine for companies investigated for potentially breaching oil sanctions.
Financial sanctions on Russia were introduced by the UK and other Western countries following the invasion of Ukraine in 2022.The sanctions include a cap on the price of Russian oil, designed to ensure that oil can keep flowing without Russia making large profits.
The cap prohibits British businesses from facilitating the transportation of Russian oil sold above $60 a barrel.
Sir William, who heads the Global Magnitsky Justice Campaign, told the BBC the UK “was one of the most lax enforcers of these types of laws”. He added: “The UK doesn’t do prosecutions well and I don’t know if that can be fixed overnight.
“There seems to be both a resource problem and a culture problem when it comes to prosecuting people for economic crimes or sanctions evasion here.” Critics have claimed sanctions are ineffective after the latest figures showed the Russian economy was growing.
Data obtained by the BBC using Freedom of Information laws shows the Treasury has opened investigations into 52 companies with a connection to the UK suspected of breaching the price cap since December 2022.
Source: BBC
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