OFSI Issues Monetary Penalty for Breaches Linked to Russiaâs Invasion of Ukraine The Office of Financial Sanctions Implementation (OFSI) has today announced it has issued a monetary penalty for breaches of the Russia financial sanctions regime linked to Russiaâs illegal invasion of Ukraine in 2022.
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A monetary penalty of £5,000 has been imposed on the UK-registered Svarog Shipping & Trading Company Limited. The penalty relates to an information offence and is the first of its kind to be issued by OFSI. This case signals to industry the importance of responding to Requests for Information in a timely and comprehensive manner; doing so helps contribute to the effective implementation and robust enforcement of financial sanctions. For more information, read our accompanying blog post. For the penalty notice: |
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