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UK fines Apple subsidiary $516,000 over Russia sanctions breach
Apple Distribution International paid £635,618 to a sanctioned Russian platform via UK banks in 2022 and received a reduced fine after voluntary disclosure and settlement.
- On Monday, the Office of Financial Sanctions Implementation fined Apple Distribution International Ltd. £390,000 for breaching Russia sanctions. The Irish subsidiary made unauthorized payments to a sanctioned Russian streaming platform in 2022.
- Payments totaling £635,618 were sent to Okko LLC, a Russian streaming service, in June and July 2022 following Russia's invasion of Ukraine. Okko was subject to UK sanctions as it was owned by entities linked to the Russian state.
- ADI voluntarily disclosed the payments to OFSI in October 2022, the regulator said. While the firm relied on affiliates for compliance, OFSI stated companies remain ultimately responsible for financial sanctions adherence.
- This penalty marks the first OFSI case resolved through a settlement scheme introduced last month to expedite enforcement. The fine was reduced owing to ADI's proactive cooperation and voluntary disclosure, the regulator confirmed.
- Fines from the UK Treasury unit are rare, with fewer than 20 issued since 2019. This sanction is the second from OFSI this year, following a January penalty against Lloyds Banking Group.
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The company made payments to Okko, a Russian video streaming platform. ...
·Brussels, Belgium
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The Peninsula Qatar
The Peninsula QatarUK fines Apple unit for breaching Russian sanctions
LONDON: The UK government has fined an Apple subsidiary £390,000 (US$516,000) after the US technology giant breached Russian financial sanctions, an official statement revealed Monday.
·Malaysia
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Coverage Details
Total News Sources14
Leaning Left3Leaning Right0Center7Last UpdatedBias Distribution70% Center
Bias Distribution
- 70% of the sources are Center
70% Center
L 30%
C 70%
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