UK Investigates 37 Firms for Russian Oil Sanctions Violation

The UK government is investigating 37 firms linked to potential violations of sanctions against Russian oil, specifically regarding a price cap of $60 per barrel imposed by G7 nations in December 2022. Despite investigations into 52 companies initiated by the UK Treasury, no penalties have been levied so far, raising concerns about the effectiveness of these sanctions. The investigations are being conducted by the Office of Financial Sanctions Implementation (OFSI), which has received additional funding to enhance enforcement capabilities. Critics, including Global Witness, argue that the lack of consequences for violators undermines the purpose of the sanctions, with calls for stronger measures to deter complicity in circumventing the rules. The complexities of the cases have been cited as a reason for the slow progress, although many experts believe the current sanctions are ineffective. Meanwhile, the UK has also imposed sanctions on Russian military units accused of using chemical weapons in Ukraine.