Notice

NTE 2023/17: a compound settlement

Published 22 August 2023

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In August 2023, a UK company was fined £1 million by HM Revenue & Customs (HMRC) in relation to the unlicensed trade of goods in breach of The Russian (Sanctions) (EU Exit) Regulations 2019.

  1. In response to Russia바카라 사이트™s invasion of Ukraine, the UK has put in place an unprecedented package of sanctions aimed at cutting off funding for Putin바카라 사이트™s war machine, inflicting economic cost at scale and showing solidarity and support for Ukraine
  2. To date the UK has sanctioned over 1,600 individuals and entities, including 29 banks with global assets worth £1 trillion, 129 oligarchs with a combined net worth of over £145 billion, and 96% (over £20bn) of UK-Russia trade.
  3. Non-compliance with sanctions is a serious offence and punishable through large financial penalties or criminal prosecution.
  4. The UK is committed to maintaining international efforts to ensure sanctions are effective, investigate activities that support circumvention and act accordingly. Departments from across HMG [including FCDO, HMT, OFSI, HMRC, HO, and NCA] will continue to work together and with UK companies to ensure that sanctions are enforced.
  5. On 13 March, the Prime Minister announced a new Economic Deterrence Initiative (EDI) which will tackle sanctions evasion across the UK바카라 사이트™s trade, transport and financial sanctions.
  6. An additional £50 million in funding will be available to improve enforcement of the UK바카라 사이트™s sanctions regime, working with our key partners that are building capacity and capability within their own systems.
  7. The new G7 Enforcement Co-ordination Mechanism, announced in the February G7 Leaders statement, will enable the international community to tackle sanctions enforcement together.
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