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Opinion, Sanctions

REVEALED: Sanctions loophole is exposed in UK, leaving country facing accusation its Russia assets regime is weaker than EU or US

SANCTIONS: If ownership is difficult to prove in some cases, for example in complex ownership structures involving offshore jurisdictions with limited disclosure requirements, then finding evidence of practical control is even trickier because it is so loosely defined,” Veronika Konecna, head of Russia, CEE and Central Asia at Aperio in London, said.

The UK’s different approach to share ownership by sanctioned people and companies has created a loophole in the global system enforcing sanctions against hostile states, experts warn.

The policy means that the UK regime may be weaker than in the EU and US, but defenders of the rules as they stand say it gives Brits more flexibility to go after hidden assets.

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