Britain forms new agency to crack down on Russian sanction evasion
London (Illustrative photo: British Government Flickr)

Companies that violate sanctions, in particular, imposed after Russia's invasion of Ukraine, will be punished more severely. For this purpose, the Office of Trade Sanctions Implementation (OTSI) was created in United Kingdom, announced the Industry and Economic Security Minister, Nusrat Ghani, according to the website of the British government.

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OTSI will monitor compliance with trade sanctions, in particular against the Russian Federation. The unit will help companies comply with sanctions and investigate violations. If violations are proven, the management can fine the company or refer the case to HMRC for prosecution.

In addition, OTSI will monitor the activities of companies that may try to circumvent sanctions by sending products through other countries.

"We estimate Russia would have over $400 billion more to fund the war, enough to fund the invasion for a further four years. We are hitting Russia where it hurts and starving Putin of the resources he needs to fund his illegal war on Ukraine," said the British Sanctions Minister Anne-Marie Trevelyan.

Last Wednesday, Britain announced a new package of sanctions, which included 31 Russian defense companies and private individuals, as well as companies from Belarus, China, Serbia, Turkey, the UAE and Uzbekistan.