Velfag: Russia Operations Status & Business Impact
LeaveRussia detail: Continue Operations
Vélfag was founded in 1995 by husband and wife Bjarmi Sigurgarðarsson and Ólöf Ýr Lárusdóttir in the small town of Ólafsfjörður in North Iceland. After years of working on and around fishing vessels, they were convinced that new materials coupled with the latest technology would further enable fish processors to increase the utilization, yield and quality of each catch.
Business in Russia
Icelandic seafood processing equipment supplier Velfag has been subject to economic sanctions by the country's authorities amid an investigation into its historical ties to the Russian fishing holding company Norebo. The company's CEO, Trausti Arnason, announced this in an interview with IntraFish. Norebo, one of Russia's largest suppliers of white fish, was sanctioned by the EU on May 20, 2024, on charges of involvement in state espionage. The company denies the allegations.
Decision trail
Icelandic seafood processing equipment supplier Velfag announced it would lay off a third of its staff as an emergency measure. This decision stems from sanctions imposed on the company due to its alleged ties to the Russian fishing industry giant Norebo.
Status history since 2022
- 03/08/2026 — operating · Imported from KSE LeaveRussia
Exposure profile
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Start 7-day Pro trialGeopolitical context and sanctions impact
Velfag is a Industrial Equipment company based in Iceland. Current Russia status in our dataset is operating: continued operations in Russia remain a compliance, reputational and counterparties risk for EU and allied firms. Eastern Europe Impact translates those facts into business consequences — sanctions screening, supply-chain exposure and reconstruction-side opportunity — with transparent confidence labels rather than speculation.
Risk assessment and how to use this profile
Start with the status badge and decision trail, then check possible sanctions matches and recent events mentioning Velfag. A 7-day Pro trial adds watchlists so you are notified if Russia status, designations or linked events change. Full exposure maps (energy, transport, commodities) are on Professional. This page is risk information, not legal or investment advice.
Questions about Velfag
What kind of data does Eastern Europe Impact provide on Velfag?
- Eastern Europe Impact publishes verified intelligence on Velfag's Russia status: current operating posture, sources (including the KSE LeaveRussia project), status history since 2022, sanctions-list matches, and linked events. Each profile is risk information for compliance and due diligence — not legal advice.
How can Eastern Europe Impact data on Velfag help my business?
- Use the Velfag profile to check counterparties, suppliers and customers for Russia exposure, sanctions proximity and recent events before you contract, ship or invest. Watchlists alert you if the status or designations change.
How do we verify the information on Velfag?
- We compile public reporting, company statements and the KSE LeaveRussia dataset, then label uncertainty. Status is not a legal determination — verify against primary filings and counsel before acting. Corrections go to corrections@easterneuropeimpact.com.
How much does Eastern Europe Impact cost?
- The company checker is free. A 7-day Pro trial (no credit card) unlocks live Daily Impact Briefs, full event profiles and watchlists. After the trial, Individual is €19/month; Professional and Business add exposure maps, sanctions entity pages and API access. See /pricing.