Britain issued one fine in 2024 for violating sanctions against Russian Federation

HM Revenue & Customs (HMRC) has issued one fine for non-compliance with sanctions against Russia during 2024. Sky News reported on January 17 that the fine amounted to £58,400 ($70,000).

HMRC does not disclose the names of entities or individuals fined. The Office of Financial Sanctions Implementation (OFSI) within the Ministry of Finance is also authorized to impose penalties for such violations.

According to the OFSI, last September the London-based company Integral Concierge Services was fined £15,000 ($20,000) for violating sanctions against Russia. It provided real estate management services to an individual under British sanctions whose assets are subject to a freeze in the United Kingdom.

HMRC has issued a total of six fines for breaching anti-Russian sanctions since 2022, after London imposed sweeping sanctions on Russia. The minimum was £1k ($1.2k at current exchange rates) in August 2022. The maximum penalty of £1 million ($1.2 million) was imposed in August 2023.

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Prior to that, on January 10, the UK imposed sanctions on Gazprom Neft and Surgutneftegaz. On the same day, the US authorities also extended sanctions against a number of Russian corporations and their executives. The list includes Gazprom Neft and its head Alexander Dyukov, Surgutneftegaz, as well as the head of Zarubezhneft, Sergei Kudryashov. In addition, restrictions were imposed on the CEO of Rosatom Alexei Likhachev.

The Russian Embassy in London said the next day that the new UK sanctions against Russian companies Gazprom Neft and Surgutneftegaz would be a blow of the country's authorities to the welfare of British citizens.

Back in November 2024, Finance Minister Anton Siluanov said that Western sanctions will not lead to restrictions on Russia's foreign trade. According to him, all restrictions by Western countries first of all hit them.

Western countries increased sanctions pressure on Russia after the start of the special operation to protect civilians in Donbass, which was announced on February 24, 2022.