OFSI significantly reduces monetary penalty for sanctions violation

On 31st July 2025, OFSI issued a public notice of a monetary penalty imposed on Markom Management Ltd (‘MML’) under section 146 of the Policing and Crime Act 2017.

The penalty was imposed in respect of a breach of the Ukraine (European Financial Sanctions) (No. 2) Regulations 2014 resulting from the authorisation by MML of a payment of £416,590.92 to a designated person. OFSI originally notified its intention to impose a monetary penalty of £400,000. Following detailed representations on MML’s behalf, OFSI reduced the penalty figure by 25% to £300,000.

Rachel Barnes KC and Ryan Dowding acted for MML, instructed by Hal Branch of Branch Austin McCormack.

Read more about the case here.

1st August 2025