Penalty issued for breach of Russia Sanctions

"On 31/07/2025", the "Office of Financial Sanctions Implementation" issued an update regarding "Penalty imposed on Markom Management Limited for breach of UK financial sanctions". The £300,000 monetary penalty was imposed for a breach related to making a payment to a designated person subject to Russia sanctions. This highlights the importance of understanding and addressing sanctions risks, having adequate compliance procedures, and promptly reporting suspected breaches.