The Office for the Implementation of Trade Sanctions (OTSI) has started work in the UK, which will help companies comply with trade sanctions against Russia and punish those who don’t, the government said.
The new division became part of the Department of Business and Trade of the UK government. OTSI will work with companies by offering recommendations, issuing licenses, and investigating reports of trade sanction violations. With the launch of OTSI British companies engaged in financial and legal services have new reporting obligations, they will now have to inform OTSI about alleged violations of specific trade sanctions.
“This new government is resolutely committed to strengthening our sanctions regime, with robust enforcement and penalties for those who fail to comply. From Moscow to Tehran – kleptocrats, aggressors and the enablers who support and facilitate their wealth and malign actions should be on notice,” said Stephen Doughty, minister for sanctions.
Sanctions are helping to defund Putin’s illegal war, depriving Russia of over $400 billion of funds since February 2022, claimed the UK government.
