UK issued its first fine for violating sanctions against Russia
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The UK has issued its first fine for violating anti-Russian sanctions imposed against Russia due to its unlawful invasion of Ukraine. The penalty was imposed by the UK's Office of Financial Sanctions Implementation (OFCI), according to the UK Treasury website.
The monetary fine was imposed on Integral Concierge Services Ltd. (ICSL) due to its provision of property management services to an individual whose assets have been frozen.
Reports indicate that between 2022 and 2023, the aforementioned company made or received 26 payments related to services provided to this individual. ICSL continued these actions despite knowing or having reason to suspect that they constituted a violation of financial sanctions in the UK.
As a result of these violations, the company was fined £15,000. ICSL did not contest the penalty and paid it in full.
Meanwhile, the OFCI stated that it is prepared to utilize the full extent of its legislative powers to prosecute those who commit serious violations of financial sanctions.
"This penalty demonstrates OFSI’s clear commitment to pursuing financial sanctions breaches wherever they occur. From the largest institutions to the smallest, everyone has an obligation to comply with the UK’s financial sanctions regime," the statement read.
