Briefing: EU Sanctions Authorities Start to Show Their Teeth April 2020
On 31 March 2020, the UK’s Office of Financial Sanctions Implementation (OFSI) announced that the Economic Secretary to the Treasury had upheld the decision to impose two fines on Standard Chartered Bank for breaching EU financial sanctions on Sberbank and its former subsidiary Denizbank A.S.
Following the review the fines were reduced from a total of £31.5 million to a total £20.5 million but even the reduced fines still represent by far the highest penalty imposed by OFSI to date.
OFSI’s decision in respect of Standard Chartered closely follows Dutch sanctions enforcement action in February 2020. Euroturbine and its Bahrain subsidiary were fined €600,000 and €4.25 million respectively for exporting gas turbine components to Iran via the Bahrain subsidiary in breach of EU and Dutch export controls.
Taken together, these enforcement cases reflect a trend towards greater enforcement by European sanctions authorities, mirroring the US approach, and reinforce the need for all commercial organisations to ensure that they comply in full with all applicable sanctions.
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