U.K. companies might be wary of informing regulators they have potentially violated sanctions against Russia over fears they could be publicly criticized for even minor breaches.

Legal and compliance experts assumed minor infractions of the rules would not likely be punishable as companies prepared to conduct more detailed background checks.

Neil Hodge is a freelance business journalist and photographer based in Nottingham, United Kingdom. He writes on insurance and risk management, corporate governance, internal audit, compliance, and legal...