UK issues first fine for Russia sanctions violation
The UK Office of Financial Sanctions Implementation (OFSI) has fined Integral Concierge Services (ICSL) GBP 15,000 ($20,000) for violating the sanctions regime imposed on Moscow, the UK Treasury announced on Sept. 27.
According to Bloomberg, this marks the first time that the OFSI has imposed a financial penalty for breaching sanctions against Russia imposed after the invasion of Ukraine.
ICSL provided property management services to a sanctioned individual whose assets were frozen in the UK. The treasury noted that, in 2022-2023, the company "made or received 26 payments" despite "knowing or having reasonable grounds to suspect that these services violated financial sanctions."
The company did not contest the fine and paid it in full.
On Sept. 26, the UK government announced sanctions against five ships and two companies involved in transporting Russian liquefied natural gas (LNG), specifically under the Arctic LNG 2 project.
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