The United Kingdom is establishing a government organization dedicated to monitoring and strengthening the enforcement of trade sanctions on Russia.
Nusrat Ghani, industry and economic security minister, recently announced the creation of the Office of Trade Sanctions Implementation.
The OTSI will be responsible for ensuring that companies in the U.K. are adhering to trade sanctions, especially against Russia. The unit will also investigate breaches and impose penalties.
The U.K. is “leaving no stone unturned” in its bid to stop Russian President Vladimir Putin’s war machine, said Ghani. “That means clamping down on sanctions evaders and starving Russia of the technologies and revenues it needs to continue its illegal invasion.”
The OTSI will also refer cases to His Majesty’s Revenue and Customs for criminal enforcement if a business is found dodging sanctions. It will work alongside the Office of Financial Sanctions Implementation.
The organization is scheduled to begin work in early 2024.
On Dec. 6, the U.K. imposed a new round of sanctions against individuals and groups found to be involved in Russia’s military supply chains. The sanctioned entities include businesses operating in China, the United Arab Emirates, Serbia, Turkey and Uzbekistan.
