On 11 April 2025, OFSI imposed a monetary penalty of £5,000 on the UK-registered company Svarog Shipping & Trading Company Limited (“Svarog”). This penalty relates to an information offence and is the first of its kind to be issued by …
Compliance with financial sanctions is critical for all businesses including those in the maritime shipping sector. For maritime businesses, including shipping companies, port operators, insurers, and financial institutions, adhering to financial sanctions regulations requires a proactive and comprehensive approach given …
The maritime shipping industry is crucial for global trade and growth, linking countries and economies worldwide. However, because of its global reach, it faces unique challenges with financial sanctions. To help businesses navigate these complexities and ensure compliance, OFSI has …
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About OFSI
OFSI helps ensure financial sanctions are properly understood, implemented and enforced in the United Kingdom. This includes the Oil Price Cap on Russian oil.