UK authorities issue first ever fine for Russia sanctions breach

UK authorities issue first ever fine for Russia sanctions breach

Ukrinform
On Friday, the UK's Office for Financial Sanctions Implementation (OFSI) issued a monetary penalty of GBP 15,000 against Integral Concierge Services (ICSL) for breaching financial sanctions imposed on the Russian Federation.

That’s according to the government press service, Ukrinform reports.

The monetary penalty relates to the property management service ICSL provided to a designated person subject to an asset freeze.

Between 2022 and 2023, ICSL is said to have made or received 26 payments in connection with the services they were providing to the designated person, despite knowing or having reasonable cause to suspect these were in breach of financial sanctions in the UK.

Read also: India snubs gas purchases from Russia’s sanctioned project

ICSL was given a penalty GBP 15,000 (over $20,000) over the violations. The company did not challenge the penalty and paid in full, according to the press release.

As Bloomberg reports, the penalty imposed on ICSL for violating Russia sanctions was the first such practice exercised by the OFSI.

Read also: U.S. slaps sanctions on Russia over cybercrimes, money laundering

As Ukrinform reported earlier, on July 14, a resident of the Czech Republic, who attempted to import luxury cars into Russia, was convicted of violating Russia sanctions.

While citing and using any materials on the Internet, links to the website ukrinform.net not lower than the first paragraph are mandatory. In addition, citing the translated materials of foreign media outlets is possible only if there is a link to the website ukrinform.net and the website of a foreign media outlet. Materials marked as "Advertisement" or with a disclaimer reading "The material has been posted in accordance with Part 3 of Article 9 of the Law of Ukraine "On Advertising" No. 270/96-VR of July 3, 1996 and the Law of Ukraine "On the Media" No. 2849-Х of March 31, 2023 and on the basis of an agreement/invoice.

© 2015-2024 Ukrinform. All rights reserved.

Extended searchHide extended search
By period:
-