Britain has introduced a new trade sanctions unit to penalize companies that violate restrictions on exporting services to Russia. The Office of Trade Sanctions Implementation (OTSI) will ensure businesses comply with sanctions imposed since Russia’s invasion of Ukraine in 2022, covering more than £20 billion ($26 billion) worth of trade.
Since the onset of the conflict, the UK has imposed sanctions on more than £20 billion ($26 billion) worth of trade with Russia. To support businesses in navigating these restrictions, the government launched the Office of Trade Sanctions Implementation (OTSI), aimed at ensuring compliance and enforcing penalties when necessary.
Business and Trade Secretary Jonathan Reynolds emphasized the importance of the new unit, stating: “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.”
The OTSI will be equipped with the authority to fine companies that breach sanctions and publicly disclose the identities of offending firms in a “naming and shaming” effort.
Its primary focus will be on enforcing sanctions related to the export of professional and business services, while the existing units will continue overseeing the export and import of goods.
Additionally, the OTSI will have the power to investigate UK nationals who violate sanctions while operating in third countries, marking a new extension of Britain’s trade sanctions enforcement.
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