UK steps up pressure on Russian sanctions

Britain on Monday ramped up pressure on shadow financial systems underpinning Russia's war economy, doubling penalties for sanctions breaches, the UK Treasury said.



"We are ramping up the economic pressure on Putin and leaving those aiding his illegal war with nowhere to hide," UK finance minister John Healey said in a statement released as he attends his first G20 in North Carolina.



European finance ministers and officials have bristled over the United States' move to invite Russia to participate in the summit as Moscow's war against Ukraine continues.



"The UK and our allies must step up our international cooperation to expose sanctions evasion, and disrupt the financial networks fuelling Russia's aggression," Healey said.



He doubled the maximum fine available to the Office of Financial Sanctions Implementation (OFSI) to 100% from 50% of the value of a sanctions breach.