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GB News reported that Petrofac Facilities Management Limited must pay HM Revenue and Customs after breaching UK sanctions on Russia in 2022 and 2023. The Aberdeen-based company became the first publicly identified following a compound settlement. It supplied sanctioned goods and technical assistance while exiting Russian operations.
rt.comPetrofac Facilities Management Limited was ordered to pay £569,157 to HM Revenue and Customs after breaching UK sanctions imposed on Russia, GB News reported. The breaches occurred in 2022 and 2023 while the company withdrew from its Russian operations.
The Aberdeen-headquartered firm supplied industrial goods subject to the sanctions to individuals connected with Russia and provided related technical assistance.
It became the first business publicly identified after agreeing to a compound settlement with HMRC to avoid court proceedings. HMRC said the public naming marks a shift toward greater transparency and will consider making identification a standard condition for future compound settlements on strategic export controls and sanctions breaches.
Petrofac voluntarily disclosed the breaches and fully cooperated with the investigation.
The company designs, builds and operates energy infrastructure across oil and gas, refining and renewable sectors. Its UK operations include managing North Sea oil platforms on behalf of BP and Shell. Petrofac entered administration in October 2025 after a renewables contract collapsed in the Netherlands.
In April 2026 CB&I acquired its asset solutions division, and the company completed the sale of its Emirates engineering and construction business.
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themandarin.com.auStrategy approved a Digital Credit Capital Framework on June 29 authorizing up to $1 billion each in preferred securities and Class A common stock repurchases. The company also raised its preferred stock dividend rate to 12 percent effective July 1.
EuronewsThe World Bank Group announced the opening of an office in Madrid on Monday. The new office will bring together its institutions in Spain for the first time and support private investment in emerging markets. Euronews reported the announcement and related statements.
americanbanker.comFundBank Group has rebranded as IRACE Digital and acquired Cayman Islands-based Tenet Bank. Former Zodia Custody CEO John Cronin was appointed global CEO as the firm expands into digital asset custody and related services.