Britain's Treasury announced it has doubled the maximum penalty for violating sanctions against Russia, raising the cap to 100% of the assessed value of the violation, up from 50% previously.
Chancellor of the Exchequer John Healy said the UK and its allies must step up international cooperation to detect sanctions evasion and disrupt financial networks "fuelling Russian aggression."
The Treasury's press release focuses heavily on the cryptocurrency network A7, which was placed under UK sanctions in May. The National Crime Agency and the government issued its first-ever nationwide alert warning against sanctions evasion targeting the network.
According to the UK Treasury, A7 is linked to Iranian state structures and is used to circumvent restrictions. Earlier, the British government added Russian banks (including Ozon Bank), "shadow fleet" vessels and military-industrial enterprises to its sanctions lists. Since the start of the year, the sanctions list has grown by 500 entries — companies and individuals linked to Russia.