UK Fines Company Over $1.26 Million for Violating Russia Sanctions

The U.K.'s Revenue & Customs fined a British company more than $1.26 million related to the "unlicensed trade of goods" in violation of sanctions on Russia, the customs agency announced. "Non-compliance with sanctions is a serious offence and punishable through large financial penalties or criminal prosecution," the agency said. The news release did not provide the name of the firm or the goods being sold but touted the U.K.'s new Economic Deterrence Initiative that addresses sanctions evasion "across the UK's trade, transport and financial sanctions."