In the UK, a company was fined for not responding to an official request from an agency overseeing financial sanctions.
The British Office of Financial Sanctions Implementation (OFSI*) announced that it had fined Svarog Shipping & Trading Company Limited (Svarog) £5,000 for failing to comply with sanctions regulations.
Svarog, engaged in the transportation of oil products, had business relations with Sovcomflot’s** subsidiary, which was under sanctions, but the British authorities found no violations.
However, in 2024, Svarog did not respond promptly to OFSI’s request for compliance.
According to Companies House of Great Britain, there is only one company registered in London with the name “Svarog Shipping and Trading Company Limited.” The company is controlled by Ramiz Tofig Oglu Hasanov, an Azerbaijani citizen.
* OFSI is responsible for monitoring compliance with financial sanctions and for assessing suspected breaches. It also has the power to impose monetary penalties for breaches of financial sanctions and to refer cases to law enforcement agencies for investigation and potential prosecution.
** Sovcomflot (SCF Group) is the largest shipping company in Russia. In 2020, the company entered the stock market and conducted an IPO on the Moscow Exchange (MOEX: FLAT). SCF Group is an integrated shipping group that cuts both as a fleet owner and fleet operator. SCF Group affiliates of JSC Novoship (Novorossiysk Shipping Company).
