OFSI Annual Review 2024–25 Highlights Strengthened Sanctions Enforcement & Record Asset Freezes

The Office of Financial Sanctions Implementation (OFSI) has published its Annual Review 2024–25, outlining a year of significant progress in strengthening the UK’s financial sanctions regime amid escalating global tensions. The release coincides with the announcement by the Chancellor and Foreign Secretary of new sanctions against Russia’s largest oil companies, further tightening pressure on Kremlin revenues and global enablers of its illegal war on Ukraine.

OFSI’s report showcases its major operational achievements over the past financial year, including enhanced industry engagement, improved capability building, and robust enforcement actions. The agency continued to develop specialist expertise and deliver proportionate penalties for sanctions breaches, underscoring the UK’s commitment to upholding international financial integrity.

The Annual Review reveals that £28.7 billion of Russian assets have been frozen since February 2022, reflecting the UK’s pivotal role in constraining the financial networks sustaining Russia’s aggression. Several monetary penalties imposed during the period, many related to Russia-linked breaches, highlight OFSI’s growing assertiveness in enforcement and deterrence.

Through targeted compliance support, sector outreach, and close collaboration with domestic and international partners, OFSI has reinforced the UK’s standing as a global leader in financial sanctions implementation. The 2024–25 Review signals continued evolution in capability and oversight as the UK deepens its efforts to combat sanctions evasion and illicit finance.

Read the report here.