UK issues largest penalty for financial sanctions breaches since Russia’s 2022 illegal invasion of Ukraine
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Key facts
Source:UK OFSI (UK HM Treasury, Open Government Licence v3.0)
The UK’s Office of Financial Sanctions Implementation (OFSI) has imposed a fine exceeding £1 million on the travel technology company Sabre Global Technologies Limited (SGTL). This penalty represents the largest fine issued for breaches of UK financial sanctions since the 2022 invasion of Ukraine. The enforcement action was taken under the Russia (Sanctions) (EU Exit) Regulations 2019.
The investigation found that SGTL provided economic resources to Ural Airlines, a Russian carrier, for a seven-month period following its designation under UK sanctions in May 2022. Additionally, the firm was found to have attempted to bypass restrictions by testing alternative payment methods. This included requesting that the airline send a test payment to a non-UK bank account to facilitate future transactions outside of the UK banking system.
OFSI categorized the breaches as "most serious," noting that the company lacked sufficient senior oversight and failed to implement adequate processes to manage sanctions risks. The regulator highlighted that the firm's actions directly undermined the purpose of the sanctions regime.
Despite the penalty, SGTL voluntarily disclosed the breaches to the authorities and cooperated with the investigation. The company has since implemented remedial measures to improve its compliance frameworks. This case was processed under the new settlement policy introduced by OFSI in February 2024.
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