On Thursday, Britain launched a trade sanctions unit with new powers to penalize companies that fail to comply with restrictions on exporting services to Russia.
Since Russia’s invasion of Ukraine in 2022, Britain has imposed sanctions on over £20 billion ($26 billion) worth of trade with Russia.
The new Office of Trade Sanctions Implementation (OTSI) has been established to help companies comply with these 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,” said Business and Trade Secretary Jonathan Reynolds in a statement.
The government outlined that the OTSI will have the authority to fine companies that breach sanctions and will also be empowered to “name and shame” the firms involved by publicizing their violations.
The unit will focus on enforcing sanctions related to the export of professional and business services, while the export and import of goods will remain under the responsibility of existing units.
Additionally, the OTSI will have the power to investigate UK nationals who violate sanction rules while operating in third countries.
This new ability strengthens Britain’s trade sanction enforcement regime and expands its reach beyond domestic borders.