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Britain creates special department to monitor Russian sanctions

Britain creates special department to monitor Russian sanctions Illustrative photo (Getty Images)
Author: Maria Kholina

Britain has announced the creation of a new unit to tackle companies evading Russian sanctions, according to the UK Parliament.

Companies violating sanctions, including those imposed after the war in Ukraine, will now face stricter penalties. The United Kingdom has established the Office of Trade Sanctions Implementation (OTSI) for this purpose.

OTSI will monitor compliance with trade sanctions, particularly against Russia. The unit will assist companies in adhering to sanctions and investigate violations. If breaches are proven, the office may impose fines on the company or refer the case to HMRC (Her Majesty's Revenue and Customs) for criminal prosecution.

Additionally, OTSI will oversee the activities of companies attempting to circumvent sanctions by exporting goods through other countries.

"Without international sanctions, we estimate Russia would have over $400bn 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," said sanctions minister Anne-Marie Trevelyan.

The office is set to commence operations in early 2024, once new legislative requirements take effect, reinforcing the government's efforts to ensure compliance with UK trade sanctions.

UK sanctions against Russia

Earlier, the UK imposed sanctions on a UAE-based company with tankers used by Russia for oil transportation.

Additionally, in collaboration with the United States, Britain imposed sanctions on Russians associated with Russia's Federal Security Service.

Britain has also imposed sanctions on certain individuals and groups that supplied and financed the military machine of Russian dictator Putin.