Aberdeen-based Petrofac has paid a settlement worth over half a million pounds to HMRC after breaching Russian sanction regulations.
Petrofac Facilities Management Limited committed the breaches in 2022 and 2023 while it was winding down its Russian operations, failing to comply with the sanctions imposed to penalise Russia following its invasion of Ukraine.
Petrofac self-reported the breaches, which involved supplying sanctioned industrial goods to individuals connected to Russia and providing technical assistance relating to those goods.
It means, the BBC reports, Petrofac has now become the first company to be publicly named by the UK government's tax department for accepting such a penalty - amounting to £569,157.
The "compound settlement" avoided the need for the matter to go to court, but publicly naming the company marks a shift in how HMRC handles compound settlements in relation to strategic exports and sanctions.
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 while sending a clear message on the consequence of breaching sanctions rules."
Where it is deemed appropriate, HMRC will now include naming as a condition when offering a compound settlement for strategic export and sanctions offences.
The new approach, the government says, is designed to improve transparency and ensure greater consistency with other UK sanctions enforcement bodies such as the Office of Financial Sanctions Implementation (OFSI).
A PFML spokesperson said: “The compound settlement reflected due consideration of our cooperation and the mitigating actions taken.”