The new Office of Trade Sanctions Implementation (OTSI) will:
- Be responsible for the civil enforcement of trade sanctions, including those against Russia;
- Aide businesses in complying with their sanctions requirements;
- Investigate potential breaches of businesses;
- Issue civil penalties and refer cases to HMRC for criminal enforcement where required
- OTSI will launch in early 2024 once applicable legal requirements are implemented.
UK businesses should review the announcement to prepare for the launch of OTSI and take any preparatory actions.