Britain issues first fine for violation of sanctions against russia

The UK's Office of Financial Sanctions Implementation (OFSI) has imposed a fine of £15,000 on Integral Concierge Services (ICSL) for violating financial sanctions against russia.

The fine concerned the property management services provided by ICSL to a sanctioned person whose assets should be frozen.

It is noted that in the period from 2022 to 2023, ICSL made or received 26 payments related to the services provided to the sanctioned person, despite the fact that the company was aware that these actions violated UK financial sanctions.

As a result of the violations, ICSL received a fine of 15 thousand pounds (more than 20 thousand US dollars). The company did not appeal the fine and paid it in full, according to a press release.

According to Bloomberg, the fine imposed on ICSL for violating sanctions against russia was the first such practice for OFSI.

Source: press release on the website of the UK government, Bloomberg