Britain on Monday ramped up pressure on shadow financial systems underpinning Russia's war economy, doubling penalties for sanctions breaches, the UK Treasury said, APA reports citing Reuters.
"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.
"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.
He 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.
Follow us on Telegram
t.me/apanewsaz
Follow us on Instagram
Follow us on TikTok
Follow us on Facebook
Follow us on X
