Analysis

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...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Beta
Ask a question!