CUPERTINO (dpa-AFX) - The U.K.'s Office of Financial Sanctions Implementation has imposed a £390,000 penalty on Apple Distribution International, an Ireland-based subsidiary of Apple Inc. (AAPL), for breaching UK financial sanctions related to Russia.
The watchdog said the subsidiary made two payments totaling about £635,600 in June and July 2022 to Russian streaming service Okko, which was owned by a sanctioned entity at the time.
The payments were routed through a UK bank account and were found to violate sanctions rules prohibiting funds from being made available to entities owned or controlled by designated persons.
According to OFSI, Okko had come under sanctions after being acquired by JSC New Opportunities, which was designated by the UK government following the Russian invasion of Ukraine.
The regulator said Apple Distribution International failed to cancel the payment instructions, resulting in the release of funds to the sanctioned entity. However, it noted there was no evidence of intentional wrongdoing or awareness of the breach at the time.
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