New unit to monitor sanctions against Russia

The government has announced a new unit to help companies comply with trade sanctions and penalise those who do not.

Since 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) will work with industry to make complying with sanctions obligations as straightforward as possible by issuing guidance and user-friendly online tools.

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.

Business and trade secretary Jonathan Reynolds said: "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.

Sanctions minister Stephen Doughty said: "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."