UK sanctions against Russia are set to be strengthened as the Government launches a new unit to help companies comply with trade sanctions and penalise those who do not.
Following Russia’s invasion of Ukraine, the UK implemented its most comprehensive set of sanctions against a major economy, with over £20 billion worth of trade with Russia now sanctioned.
The new Office of Trade Sanctions Implementation (OTSI), launching today, will work with industry to make complying with sanctions obligations as straightforward as possible by issuing guidance and user-friendly online tools.
There has been overwhelming support from business in implementing sanctions against Russia, and the vast majority of businesses comply. For the minority that don’t, OTSI will have powers to publish information about sanctions breaches and impose civil monetary penalties.
Sanctions are vital in defunding Putin’s illegal war and only by working hand in hand with business can we make them as effective as possible.
This new unit will help ensure businesses comply with trade sanctions and take decisive enforcement action where needed so that, together with business, we can continue to exert maximum pressure on Putin’s regime.
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.
OTSI will be instrumental in providing vital additional tools not only to help businesses comply with our sanctions, but also to deter and impose costs upon those seeking to breach them.
The new unit is part of the Department for Business and Trade. OTSI will work with businesses to offer guidance, issue licences and investigate reports of trade sanctions breaches.
Investing in a new specialist unit to issue guidance, grant licences, and enforce certain trade sanctions across 21 UK regimes is compelling evidence that the novel measures introduced as part of the UK’s response to Russia’s invasion of Ukraine are here to stay.
The industry will be reassured to see that the most complex restrictions relating to professional services will now be dealt with by OTSI directly from today.
This launch also sees new reporting obligations introduced for financial services firms, money service businesses and legal service providers. They will now be expected to inform OTSI of suspected breaches of certain trade sanctions.
OTSI’s new enforcement powers for trade sanctions complement those HMRC already has. While HMRC remains responsible for the enforcement of trade sanctions on goods that cross the UK border as part of its customs role, OTSI now has lead enforcement responsibility for sanctioned services leaving the UK, as well as trade in sanctioned goods and services anywhere else in the world where a UK business or person is involved.
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