The UK has increased pressure on the shadowy financial systems that help Russia maintain its war economy and doubled penalties for non-compliance with the sanctions regime, the Treasury said in London, quoted by Reuters.
"We are increasing economic pressure on Putin and leaving no room for those who help him wage his illegal war to hide," said UK Finance Minister John Healy, who is participating in the G-20 forum in Asheville, North Carolina, BTA specified.
The presence there of the Russian finance minister for the first time since the beginning of Moscow's invasion of Ukraine in 2022 has caused discontent among European countries against the US decision to invite him amid the ongoing war in Ukraine.
"The UK and its allies must step up international cooperation to expose sanctions circumvention and disrupt the financial networks that fuel Russian aggression," Healy added.
He doubled the maximum fine imposed by the Financial Sanctions Enforcement Agency (FSA) from 50 to 100% of the amount of the sanctions violation.
The UK's National Crime Agency has issued a nationwide alert to combat the Kremlin-backed "A7" network, which the UK government says has been used to funnel funds, fund public procurement and use foreign banking systems to evade restrictions.
The alert aims to help the private sector fight sanctions circumvention and ensure that Russia pays the full price for sanctions, the British Treasury said.
There was no immediate comment from the Russian embassy in London.
In May, Britain targeted Russian-linked cryptocurrency platforms, banks and financial networks it believed were being used to circumvent sanctions. As a punitive measure against them, London froze their assets on British soil and banned British companies from doing business with them.
Earlier this month, Britain announced a new round of sanctions against Russian ships, banks and industrial enterprises.