Emma RadmoreThe OFSI annual review for 2023-4 shows that as of March 2024, the UK Government had designated over 2,000 entities and individuals under the Russia sanctions regime and frozen £25bn worth of Russian assets. It specifically noted its penalty imported on Integral Concierge Services Limited in August 2024 in respect of property management services for a UK property owned by a Designated Person as just the first of several cases in its pipeline linked to the Russian invasion of Ukraine.
Over the year the report covers, OFSI added 564 designated persons to the list, leading to a total designated at March 2024 as nearly 3,500 individuals, around 850 entities and 15 ships. It recorded 396 enforcement cases and closed 242. It received 1400 license applications but granted only 379, with over half of applications being withdrawn.