Notice

NTE 2023/17: a compound settlement

Published 22 August 2023

漏 Crown copyright 2023

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In August 2023, a UK company was fined 拢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 Russia鈥檚 invasion of Ukraine, the UK has put in place an unprecedented package of sanctions aimed at cutting off funding for Putin鈥檚 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 拢1 trillion, 129 oligarchs with a combined net worth of over 拢145 billion, and 96% (over 拢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 UK鈥檚 trade, transport and financial sanctions.
  6. An additional 拢50 million in funding will be available to improve enforcement of the UK鈥檚 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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