OFSI’s Annual Review shows UK has £25 billion of Russian assets frozen
21/03/2025
New data released today (21 March) in OFSI’s Annual Review reveals
- The full effect of UK sanctions on Russia – with over £25 billion of Russian assets reported frozen.
- As of March 2024, the UK government designated 2,001 individuals and entities under the Russia sanctions regime.
- Sanctions imposed by the UK and its allies have significantly impacted Russia’s economy, depriving it of over $400 billion since February 2022, equivalent to four years of Russia’s military spending.
- Russia’s overall financial standing has weakened, with the federal budget expected to remain in deficit until at least 2026.
- The rouble has depreciated significantly, and Russia is experiencing a shortage of skilled workers, further straining the economy. Inflation is rising, with rates far exceeding targets, while high interest rates and economic isolation have made borrowing costly.
- As a result of UK sanctions, Russia’s military has been forced to turn to rogue states like North Korea and Iran for critical supplies.
OFSI
- OFSI is now seeing the results of this work. The OFSI Enforcement team progressed a substantial number of investigations during 2023-24, more than tripling the number of closed cases from the previous year.
- A particular example of enforcement action taken by OFSI is the ‘Wise disclosure’ in August 2023, which demonstrated OFSI’s willingness to publicly name firms who have not complied with financial sanctions.
- OFSI also issued monetary penalties to International Concierge Services Limited (ICSL) in August 2024 and Herbert Smith Freehills (HSF) Moscow in March 2025.
- These are the first of several cases in OFSI’s pipeline which are linked to Russia’s invasion of Ukraine, with more enforcement action to come in 2025.
SOURCE
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.