The U.K continues to fight entities which support sanctioned companies and individuals. The Office of Financial Sanctions Implementation (OFSI) issued a monetary penalty to Integral Concierge Services (ICS) for breaching the financial sanctions imposed on Russia in response to its invasion of Ukraine in 2022.
OFSI stated that ICS made or received 26 payments in connection with services provided to the sanctioned individual. OFSI did not reveal the name of this individual.
As a result of these breaches, ICS was given a penalty of 15,000 pounds. ICS did not challenge the fine and paid it in full.
“The UK is continuously working to proactively identify breaches and strengthen our enforcement powers. We will continue to close loopholes, come down hard on sanctions evaders, and crack down on sanctions circumvention to ensure the effectiveness of sanctions against Putin’s Russia, and in the case of other sanctions regimes,“ said Stephen Doughty, Minister of State at the Foreign, Commonwealth, and Development Office
