Britain bolsters sanctions regime on Russia with new trade unit
LONDON (Reuters) – Britain on Thursday launched a trade sanctions unit with new powers to penalise companies that fail to comply with restrictions on exporting services to Russia.
Britain has announce sanctions on more than 20 billion pounds ($26 billion) worth of trade with Russia since it invaded Ukraine in 2022, and said the Office of Trade Sanctions Implementation would support companies in complying with those sanctions.
“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,” Business and Trade Secretary Jonathan Reynolds said in a statement.
The government said that the OTSI would have powers to fine companies that breached sanctions, and also be empowered to publicise them – essentially “naming and shaming” the firms involved.
It will be focused on enforcing sanctions exports of professional and business services, with the export and import of goods remaining the responsibility of existing units.
The unit will also have powers to investigate UK nationals who have breached sanction rules while operating in third countries, a new power under Britain’s trade sanction enforcement regime.
($1 = 0.7647 pounds)
