UK authorities issue first ever fine for Russia sanctions breach

27.09.2024 22:05

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.

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.

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.