UK doubles penalties for sanctions breaches to squeeze Russia - The Economic Times Benchmarks
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News›News›International›World News›UK doubles penalties for sanctions breaches to squeeze
Russia The Economic Times daily newspaper is available online now. Read Today's Paper UK doubles penalties for sanctions
breaches to squeeze RussiaSECTIONSUK doubles penalties for sanctions breaches to squeeze RussiaBy ReutersLast Updated:
Sep 01, 2026, 10:31:00 AM ISTRate StoryFollow usShareFont SizeAbcSmallAbcMediumAbcLargeSavePrintCommentSynopsisBritain
has doubled penalties for sanctions breaches, increasing the maximum fine to 100 percent. The UK Treasury stated this
action aims to pressure Russia's war economy and its supporters. A nationwide alert targets the Kremlin-backed A7
network for routing funds and evading restrictions. This move supports the private sector in bearing down on sanctions
evasion efforts. Britain previously targeted Russian cryptocurrency platforms and banks to bypass
sanctions.ReutersBritain's Prime Minister Andy Burnham Britain on Monday ramped up pressure on shadow financial
systems underpinning Russia's war economy, doubling penalties for sanctions breaches, the UK Treasury said."We are
ramping up the economic pressure on Putin and leaving those aiding his illegal war with nowhere to hide," UK
finance minister John Healey said in a statement released as he attends his first G20 in North Carolina.Also Read:
A step away from warpath? Russia and UK can just stumble into warEuropean finance ministers and officials have bristled
over the United States' move to invite Russia to participate in the summit as Moscow's war against Ukraine
continues."The UK and our allies must step up our international cooperation to expose sanctions evasion, and
disrupt the financial networks fuelling Russia's aggression," Healey said.Live EventsHe doubled the maximum fine
available to the Office of Financial Sanctions Implementation (OFSI) to 100% from 50% of the value of a sanctions
breach.The UK National Crime Agency also issued a nationwide alert targeting the Kremlin-backed A7 network, which the
British government has said was used to route funds, finance procurement and exploit foreign banking systems to evade
restrictions.Also Read: Russia says it could strike UK military targets in response to Kyiv's use of British missilesThe
alert aims to support the private sector in bearing down on sanctions evasion and ensure Russia pays the full cost of
the sanctions, the UK Treasury said.The Russian embassy in London did not immediately respond to a request for
comment on the government's latest actions.Britain had in May targeted Russia-linked cryptocurrency platforms, banks and
financial networks that it said were used to bypass sanctions, freezing their assets and barring UK firms from
processing payments and holding correspondent banking ties.The UK also announced new sanctions this month targeting
Russian ships, banks and industrial companies.Add as a Reliable and Trusted News Source Add Now! (You can now subscribe
to our Economic Times WhatsApp channel)Read More News onUK Treasury sanctions enforcementsanctions breaches
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