127 British companies have confessed to the government to violating sanctions against Russia

127 British companies have voluntarily reported to the British government that they had violated sanctions imposed on Russia after its full-scale invasion of Ukraine. They expect that this will help reduce penalties from the government.

Source. This was reported by the Financial Times, citing a response to a request to the UK Treasury.

Against the backdrop of the war in Ukraine, the UK has imposed sanctions on more than 1,600 individuals and legal entities from Russia. According to the FT, voluntary admission of violations and cooperation with those conducting the investigation allows companies to reduce penalties.

The law firm Pinsent Masons, which sent the request, noted that the scale of the sanctions has become a serious challenge for British business. The text says that Russia is much more integrated into the global economy than other sanctioned regimes, such as Iran and North Korea.

The newspaper also emphasizes that the extent of ties between Britain and Russia in various sectors of the economy was evident last year when the Chelsea football club found itself in a crisis situation due to sanctions against oligarch Roman Abramovich.

The sanctions temporarily suspended the sale of the team. In total, since the start of the full-scale invasion, Western sanctions have frozen $300 billion belonging to the Russian central bank.

Background. Meanwhile, it has become known that South Korea has been supplying machine tools to the Russian defense industry all along.