London is furious: violators of the ceiling of the price of Russian oil are promised double fines

The UK Sanctions Enforcement Service is accused of failing to punish those who circumvent the price ceiling of the price of Russian oil. The British regulator in response proposed to increase the fines.

"The UK sanctions regulator wants to double the maximum fine for the most serious violations of Russian sanctions and oil price restrictions, providing for a postponement for companies that are ready to make a deal with the British authorities," writes The TradeWinds specialized edition.

Such a proposal was made by the head of the Financial Sanctions Implementation Department, Giles Thomson.

"The proposal to increase the maximum amount of the fine to 2 million pounds sterling (2.7 million US dollars) appeared after the UK joined the European Union, supporting the reduction of the limit on crude oil prices from 60 to 47.60 US dollars from September," writes The TradeWinds.

The publication notes that the Department of the Ministry of Finance is accused of failing to punish those who circumvent sanctions.

Earlier, on July 18, the EU adopted the 18th package of sanctions and introduced a new ceiling on the price of Russian oil for third countries. It was set at $ 47.6, but it will be dynamic — so that the limit is 15% lower than the market value of Russian oil. The UK supported lowering the ceiling, while Washington did not welcome these sanctions and did not join them.

The price ceiling prohibits companies The EU and the UK will provide any transportation services, including insurance, if the cost of a shipment of oil exceeds the established limit.