Dozens of UK-linked firms suspected of busting Russian oil sanctions

Published On Oct 10, 2024, 8:09 PM

The UK government is investigating 37 businesses linked to potential breaches of sanctions on Russian oil. These sanctions were imposed after Russia's invasion of Ukraine, including a cap on the price of Russian oil set at $60 per barrel. Despite investigations into 52 companies, no fines have been issued to date, raising concerns among critics that sanctions may not be effectively enforced and may fall short of disrupting Russia's war financing. Some businesses under investigation are believed to be maritime insurance firms. Critics claim that current documentation processes allow companies to evade penalties easily, and there are calls for tougher actions to ensure compliance.