The UK government has announced a £1 million compound settlement with an unnamed UK company for alleged violations of The Russia (Sanctions) (EU Exit) Regulations 2019. As described by the settlement announcement, the company was fined for engaging in the unlicensed trade of goods.
The fine was imposed only months after the Prime Minister announced, on March 13, 2023, a new Economic Deterrence Initiative to target efforts to evade UK’s trade, transport and financial sanctions. The UK government also provided an additional £50 million in funding to support efforts to improve the enforcement of the UK’s sanctions regime.