Sabre Corp's UK Unit Fined Record £1M for Russia Sanctions Breach
Record Fine Imposed for Breaching Russia Sanctions
June 17 (Reuters) - Britain on Wednesday imposed a record £1 million ($1.34 million) penalty on Sabre Corp's UK unit for breaching financial sanctions against Russia in place since the invasion of Ukraine.
Key Details of the Sanctions Breach
Here are some details:
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OFSI's Enforcement Action
Office of Financial Sanctions Implementation (OFSI) imposed the fine after Sabre Global Technologies continued to provide Russian carrier Ural Airlines access to its global distribution system service for seven months after sanctions were imposed by the UK in May 2022.
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Sabre's Response and Payment Alternatives
Sabre, which provides software and services to travel companies, explored alternate payment avenues after payments to its UK banks were suspended, OFSI said.
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Voluntary Disclosure and Test Payment
Disclosure of Breaches
The company, which made a voluntary disclosure of its breaches, also asked Ural to send a test payment to one of its non-UK bank accounts intended for future settlements, the agency added.
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Broader Context of Russia Sanctions
Sanctions by Western Nations
The UK, the United States, the European Union and others have imposed sanctions in response to the invasion. Britain has sanctioned more than 3,000 individuals, entities and ships.
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Other Recent Fines for Sanctions Breaches
Fines on Deutsche Bank and Apple
Britain had fined Deutsche Bank's London branch £165,000 in May and Apple's Irish unit £390,000 in March for breaches of Russia financial sanctions.
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Sabre's Response to the Fine
Sabre did not immediately respond to Reuters' request for comment.
Additional Information
($1 = 0.7457 pounds)
(Reporting by Prerna Bedi in Bengaluru and Kirstin Ridley in London; Editing by Nivedita Bhattacharjee and Harikrishnan Nair)
