UK launches authority to monitor enforcement of sanctions against Russia

The UK will establish the Office of Trade Sanctions Implementation (OTSI) to tighten control over the implementation of sanctions imposed, including those imposed in response to Russia's invasion of Ukraine.

Source: UK Government’s press service

Details: OTSI will be responsible for civil enforcement of trade sanctions, including those against Russia. The unit will help businesses comply with sanctions, investigate potential violations, issue civil penalties, and refer cases to HM Revenue and Customs (HMRC) for criminal prosecution if necessary.

The authority's remit will include the activities of companies that may be avoiding sanctions by sending products through third countries.

Quote: "Without international sanctions, we estimate Russia would have over $400 billion more to fund the war, enough to fund the invasion for a further four years. We are hitting Russia where it hurts and starving Putin of the resources he needs to fund his illegal war on Ukraine," Sanctions Minister Anne-Marie Trevelyan said.

More details: The OTSI will be launched in early 2024, when new legislative requirements will be introduced and will augment the government's ongoing work to ensure compliance with UK-imposed trade sanctions.

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