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| UK fines several companies for violating Russia sanctions. (Source: Qirim) |
In a written response to UK lawmaker John Healey, published on the UK Parliament website, Mr Huddleston confirmed: "Since February 2022, HM Revenue and Customs (HMRC) has fined five UK companies for breaching UK trade sanctions against Russia."
HMRC is currently conducting a number of investigations into reports of sanctions breaches, he stressed, but they will take a year or more to complete.
* Bloomberg reported that some European Union (EU) member states are looking to soften the European Commission (EC)'s proposals to prevent third countries from circumventing sanctions against Russia.
The EC has recently proposed cutting trade with countries that can now re-export goods from the EU to Russia.
The measure could be part of a 12th package of sanctions against Russia, aimed at selling what the EC considers high-priority goods, such as semiconductors that could be used in weapons production.
Accordingly, the buyer is required to deposit a sum of money into an escrow account to ensure compliance with the requirements.
Bloomberg reported that at least half of the deposits will be transferred to a Ukrainian trust fund, while contracts will be terminated if sanctions are violated.
However, diplomats from several major EU countries have expressed concerns about the measures, with member states also pushing to narrow the scope of the proposed provisions and the list of products subject to the measures, which they say could put EU businesses at a competitive disadvantage.
Meanwhile, other members, including the Baltic states, supported the proposals.
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