UK steps up sanctions on Russia, doubling fines and warning about A7 system

The UK has taken new measures to prevent violations of the sanctions regime against Russia. This was reported on the official website of the British Treasury.

“The Treasury Secretary [John Healey] will double the maximum fine that the UK Financial Sanctions Authority (OFSI) can impose from 50 to 100 per cent of the sanctions violation,” the statement said.

London also issued a nationwide warning against Russia's A7 international payments system. It is noted that such a measure should help the private sector in the fight against sanctions evasion.