London [UK], June 30: Energy services firm Petrofac has paid a £569,000 ($753,430) penalty for breaching Russia sanctions rules, HM Revenue & Customs (HMRC) said.
The company was investigated by HMRC after self-reporting breaches that occurred in 2022 and 2023, while it was winding down its Russian operations.
It was found to have supplied sanctioned industrial goods to people connected to Russia and made them available for use in the country.
It also breached regulations by providing technical assistance in relation to those goods.
Edwige Hill, deputy director in HMRC's Fraud Investigation Service, said: "Non-compliance with Russia sanctions is a serious offence and together with our international partners, the UK government has implemented the most severe package of sanctions ever imposed on a major economy.
"Naming those involved brings us into line with other enforcement partners whilst sending a clear message on the consequences of breaching sanctions rules."
Petrofac is the first company to be publicly named by HMRC for accepting this type of penalty, known as a compound settlement, according to the government body.
Agreeing to the settlement means the firm pays a sum of money and can therefore avoid legal proceedings.
A spokeswoman for Petrofac said: "The compound settlement reflected due consideration of our cooperation and the mitigating actions taken."
Petrofac builds and manages energy infrastructure including for oil and gas production, refineries and renewables in regions such as the Middle East and the UK North Sea.
Its UK business is based in Aberdeen, Scotland and is involved in the operation of North Sea oil platforms for firms including BP and Shell.
The company filed for administration in October last year after the collapse of a renewables contract in the Netherlands.
Its asset solutions business was bought by CB&I in April, saving thousands of jobs, and it also recently sold its Emirates engineering and construction business.
Source: Qatar Tribune
