By Maya Lester KC & Michael O’Kane

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By Maya Lester KC & Michael O’Kane

Iceland imposes sanctions on fishing company due to alleged Russian ownership

29 July 2025

Iceland imposes sanctions on fishing company due to alleged Russian ownershipPalmi Gudmundsson/Shutterstock.com

Iceland has imposed sanctions on Vélfag, an Icelandic fish processing company, because of its ownership by sanctioned Russian entity Norebo JSC. This is the first time Iceland’s government has frozen the assets of an...

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Michael O'Kane
By Michael O'Kane

Michael is Senior Partner at Peters & Peters Solicitors LLP. He has acted in many of the most high profile and sensitive business crime cases of the last 25 years, at Peters & Peters and as a prosecutor. Michael was called…

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