Britain has established a new trade sanctions unit to enforce compliance with existing restrictions on services exports to Russia. This initiative comes in light of over £20 billion ($26 billion) in sanctions imposed since Russia’s invasion of Ukraine in 2022. The Office of Trade Sanctions Implementation (OTSI) will have the authority to fine companies that violate these sanctions and will also name those firms publicly. Additionally, the unit will investigate breaches of sanctions by UK nationals operating in third countries, thus expanding enforcement capabilities under Britain’s trade sanction regime.
