Notice

Penalty Notice: 08 May 2025

OFSI publishes a penalty notice regarding a breach of financial sanctions regulations.

From:
Office of Financial Sanctions Implementation
Published
8 May 2025

Documents

08.05.25 Report of Penalty for Breach of Financial Sanctions

PDF, 110 KB, 4 pages

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Details

On 11 April 2025, the Office of Financial Sanctions Implementation (OFSI), part of HM Treasury, imposed a monetary penalty of £5,000 on the UK-registered company Svarog Shipping & Trading Company Limited (“Svarog”) in accordance with section 146 of the Policing and Crime Act 2017 (“PACA”). Svarog breached regulation 74(1)(a) of The Russia (Sanctions) (EU Exit) Regulations 2019 (“the Russia Regulations”) by failing, without reasonable excuse, to respond to a regulation 72 request issued by OFSI within the required timeframe.

Updates to this page

Published 8 May 2025

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