OFSI says frozen UK sanctions assets rose to £37 billion as enforcement and reporting powers expanded
Britain’s sanctions enforcement office said frozen assets climbed sharply in 2024-25, as it stepped up Russia-related enforcement, widened reporting duties and signaled a more proactive compliance model.
LONDON, April 2, 2026 — The UK Office of Financial Sanctions Implementation said assets reported frozen under UK financial sanctions rose to more than £37 billion in 2024-25, up from £24.4 billion a year earlier, underscoring the growing scale of enforcement and the continuing centrality of Russia sanctions to Britain’s economic pressure campaign.
In its annual review, OFSI framed the year around three themes: stronger compliance support, expanded operational capability and a more intelligence-led enforcement model. The agency said £22.5 billion of frozen assets were tied to the Russia regime in the 2024 review, while in-year reporting showed £28.7 billion in Russia-linked assets had been reported frozen since February 2022.
The report suggests OFSI is trying to balance a tougher posture with greater practical support for industry. It said it carried out more than 30 outreach events, published 145 FAQs, issued 19 general licences and made 904 specific licensing decisions. A combined sanctions e-alert service run with the Foreign Office and the Office of Trade Sanctions Implementation had more than 56,000 subscribers by April 2025.
On enforcement, OFSI said it had 240 active cases as of April 2025 and took 57 enforcement actions in 2024-25, including two monetary penalties: £15,000 against Integral Concierge Services Limited and £465,000 against Herbert Smith Freehills CIS LLP Moscow. The agency said a growing share of cases now comes from non-self-reported sources, a sign it is relying more heavily on intelligence development and proactive case generation.
The broader context is that OFSI is moving beyond a reactive licensing-and-guidance function toward a more mature sanctions authority with deeper international coordination, sharper disruption tools and wider sector reach. The review highlights new reporting obligations for letting agents, insolvency practitioners, high-value dealers and art market participants, alongside closer cooperation with the U.S. Treasury and European counterparts.
Looking ahead, the direction is more data-driven enforcement, more scrutiny of circumvention risk and more pressure on firms to show they can operationalize sanctions controls, not just describe them. As OFSI approaches its 10th anniversary in 2026, the agency said it will refresh its strategy to keep the UK sanctions regime “world-leading” and fit for future challenges.