May 2, 2024

UK publishes notices to exporters on recent compound settlements and Russia trade sanctions

On May 1, 2024, the UK Department for Business and Trade published, “Notice to exporters 2024/08: breaches of strategic export compound settlement issued” to announce recent compound settlements reached with seven UK exporters.  According to the notice, the compound settlements were issued by HM Revenue and Customs between January and March of 2024 and totaled more than £2.3 million.  The settlements relate to activity controlled by the Export Control Order 2008 and include breach of license conditions and unlicensed export of military goods or dual use goods.

On the same day, the Department for Business and Trade also issued “Notice to exporters 2024/07: Russian Sanctions” to discuss recent efforts to expand UK-Russia trades sanctions and to provide an overview of current goods and technology sanctions and the new Economic Deterrence Initiative, which was implemented to address sanctions evasion across the UK’s trade, transport and financial sectors.  According to the Notice, based on 2021 figures, more than £20 billion in UK-Russia bilateral trade is subject to full or partial sanctions.  The Notice also emphasized that non-compliance with export sanctions can result in criminal prosecution and the imposition of large financial penalties.

Notice to Exporters: 2024/08: breaches of strategic export compound settlement issued | NTE 2024/07: Russian sanctions