The British government launched on Thursday a new unit to help companies comply with trade sanctions and penalize those who do not.
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, UK’s Department for Business and Trade said in a statement.
Following Russia’s invasion of Ukraine, the UK implemented its most comprehensive set of sanctions against a major economy, with over GBP 20 billion worth of trade with Russia now sanctioned, the statement said.
Sanctions are helping to defund Putin’s illegal war, depriving Russia of over USD 400 billion of funds since February 2022, it added.
Source: Kuwait News Agency