It is being reported (here albeit behind a paywall), that as of April 2024 the UK’s Office of Financial Sanctions Implementation (OFSI) had twelve ongoing investigations relating to possible breaches of the oil price cap imposed as part of the UK’s sanctions against Russia.
The information comes from a Freedom of Information Act request made by the publication Trade Winds. The response is not available on OFSI’s website.
OFSI is also reported to have confirmed that 9 of the twelve investigations were discontinued in April 2024 with no further action taken.
No information was provided on the current status of the other three investigations that were live in April, or whether any further investigations have been commenced since April.
As noted in our previous post from May, at that stage HM Treasury had stated that it “a number of investigations” then ongoing into alleged oil price cap breaches.