On September 27, the Office for Financial Sanctions (OFSI) of Great Britain imposed a fine of 15 thousand pounds on the company Integral Concierge Services (ICSL) for violating financial sanctions against the Russian Federation.
Points of attention
- Integral Concierge Services (ICSL) in Britain was fined £15,000 for providing property management services to a sanctioned person, marking the first violation of financial sanctions against Russia.
- The cooperation between Great Britain, the United States, and the European Union reflects efforts to limit the influence of the Russian economy in the global arena.
- The application of the fine by OFSI highlights the intensified control over sanctions compliance and the international commitment to isolate Russia economically.
- The new British sanctions target companies and vessels involved in Russia's crucial energy projects, with a focus on restricting Russia's increasing share of the global LNG market.
- The fine imposed on ICSL for breaching sanctions against Russia underscores the enforcement of regulatory measures and the collective approach towards sanctioning entities involved in significant Russian energy endeavors.
In Britain, the company was fined for violating anti-Russian sanctions
This is stated in a press release on the website of the British government.
The fine related to asset management services provided by ICSL to a designated person subject to asset freezing.
Between 2022 and 2023, ICSL is said to have made or received 26 payments related to services provided to a sanctioned entity, even though the company was aware that by doing so it was in breach of UK financial sanctions.
As a result of the violations, ICSL received a fine of 15,000 pounds sterling (over 20,000 US dollars). The company did not appeal the fine and paid it in full, according to the press release.
The fine imposed on ICSL for violating sanctions against Russia was the first of its kind for OFSI.
What is known about the new British sanctions against the Russian Federation
As noted by the British government, LNG is an important source of income for the Russian economy, and Russia aims to increase its share of the world market from 8% to 20%.
Previously, Britain, together with the USA and the European Union, had already imposed sanctions against "Arctic LNG 2", which led to a reduction in its production.
The new sanctions concern companies and vessels involved in key Russian energy projects. In total, 15 vessels and organizations related to Russian LNG were sanctioned.
