UK's HM Treasury published the Office of Financial Sanctions Implementation (OFSI) Annual Review for 2023-24, setting out updated metrics on the impact of UK financial sanctions on Russia. The review reports that firms have frozen over GBP 25 billion of Russian assets since Russia’s invasion of Ukraine and that 2,001 individuals and entities were designated under the Russia sanctions regime as of March 2024. The GBP 25 billion figure is drawn from OFSI’s Russian Frozen Assets In-Year Reporting, which requires relevant firms to report funds or economic resources belonging to, held, or controlled by a designated person as soon as practicable. The review also describes OFSI’s compliance and enforcement work, including increased resourcing with a focus on licensing and enforcement, investment in new tools and processes, and a more than threefold increase in closed enforcement cases in 2023-24 versus the previous year; examples cited include the August 2023 ‘Wise disclosure’ and monetary penalties issued to International Concierge Services Limited in August 2024 and Herbert Smith Freehills Moscow in March 2025. HM Treasury notes that several further cases linked to Russia’s invasion of Ukraine are in OFSI’s enforcement pipeline and signals additional enforcement action during 2025.
HM Treasury 2025-03-21
UK's HM Treasury publishes OFSI annual review reporting over GBP 25 billion of Russian assets frozen and more Russia-sanctions enforcement in 2025
HM Treasury's Office of Financial Sanctions Implementation (OFSI) Annual Review for 2023-24 highlights freezing over GBP 25 billion in Russian assets and designating 2,001 individuals and entities under the Russia sanctions regime. The review details OFSI's enhanced compliance and enforcement efforts, including increased resourcing and a significant rise in closed enforcement cases. Further enforcement actions related to Russia's invasion of Ukraine are anticipated in 2025.