The UK government is investigating 37 British companies suspected of complicity in circumventing sanctions imposed on Russian oil, according to BBC.
In December 2022, G7 countries imposed an embargo on the import of Russian oil by sea and set a price cap of $60 per barrel. Firms associated with these countries are prohibited from engaging in the trade of Russian oil if the price exceeds the established limit.
Since December 2022, the UK Treasury has initiated investigations into 52 companies, 15 of which have already been closed. However, investigations are ongoing in 37 cases, and no one has been charged so far.
The names of the suspected firms are not disclosed, and the investigation is being conducted by the Office of Financial Sanctions Implementation (OFSI). In March 2024, it received additional funding of £50 million to strengthen control over the sanctions regime.
Experts criticize the lack of penalties for violations of sanctions. Louis Wilson, head of Fossil Fuel Investigations at Global Witness, expressed dissatisfaction with the fact that the British authorities have not yet brought anyone to justice and called for more decisive action.
The UK Treasury explains the delay by the complexity of such investigations, while Wilson notes that companies can easily provide documentation to prove their innocence.
