Record UK Sanctions Fine Ushers In More Aggressive Era
Law360, London (April 2, 2020, 6:50 PM BST) -- Britain's fledgling sanctions watchdog took a big swing with its £20.5 million ($25.5 million) fine on Standard Chartered PLC over loans that violated Ukraine sanctions, its most aggressive move yet that could usher in a new era of U.S.-style enforcement in the U.K.
The U.K. Treasury’s Office of Financial Sanctions Implementations hit the bank with the penalty for violating European Union sanctions against Russia following its annexation of the Crimea region in 2014. The decision focused on 21 loans worth £97.4 million that Standard Chartered gave Denizbank, a Turkish subsidiary of Russia’s Sberbank, between 2015 and 2018.
The fine is the...
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