Although the companies’ identities are unclear, it is known that several of them are probably maritime insurance companies.
The Treasury stated that it will intervene when necessary but cited the cases’ intricacy as the reason for their length.
However, the anti-corruption group Global Witness demanded that “bold action” be taken against businesses breaking sanctions, calling it “quite astonishing” that no fines had been imposed thus far.
Following Russia’s invasion of Ukraine in 2022, the UK and other Western nations imposed financial sanctions on the country.
One of the restrictions is a cap on the price of Russian oil, which is meant to keep the oil flowing without allowing Russia to reap significant profits.
The restriction forbids British companies from aiding in the transfer of Russian oil sold for more than $60 per barrel.
Based on information acquired through Freedom of Information rules, the Treasury has initiated inquiries into fifty-two UK-based companies that are allegedly in violation of the price cap since December 2022.
Thirteen of those investigations had come to a conclusion as of August, but no fines had been issued. That left 37 of them open.
According to Conservative shadow foreign office minister Dame Harriett Baldwin, the goal of sanctions is to “bring this illegal invasion to an end” and “shut down the sources of finance for Russia’s war machine.”
