OFSI fines Svarog Shipping & Trading Company £5K for failing to respond to a Request for Information under the UK’s Russia sanctions regulations, marking a first-of-its-kind penalty

Svarog failed to respond within the required timeframe to a statutory Request for Information (RFI) made by OFSI, and failed to provide a reasonable excuse. In those circumstances, OFSI has the power to impose a penalty in respect of the information offence. This case highlights the importance of firms and individuals responding in a timely manner…