Petrofac Fined for Sanctions Violations Related to Russian Operations
Energy services firm Petrofac has paid a £569,000 penalty for breaching Russia sanctions rules, HM Revenue & Customs confirmed.
Business & Markets • 3 months ago
Petrofac has paid a £569,000 penalty for breaching Russia sanctions rules, HM Revenue & Customs (HMRC) confirmed.
The energy services firm was investigated by HMRC after self-reporting breaches that occurred in 2022 and 2023, while the company was winding down its Russian operations. HMRC found that Petrofac supplied sanctioned industrial goods to individuals connected to Russia and made them available for use within the country. The company also breached regulations by providing technical assistance related to these goods.
Edwige Hill of HMRC’s Fraud Investigation Service stated that non-compliance with Russia sanctions is a serious offense.