Commons Sense

Hansard-based summaries and metrics

<-- Back to proposed bills

Launch of the Office of Trade Sanctions Implementation

10 October 2024

Proposing MP
Jonathan Reynolds Lab Co-op
Stalybridge and Hyde
Type
Written Ministerial Statement
Department
Department for Business and Trade
View on Parliament.uk -->
TAGS
Defence Economy Foreign Affairs Taxation

At a Glance

Issue Summary

The launch of the Office of Trade Sanctions Implementation (OTSI) to strengthen the implementation and enforcement of trade sanctions.

Action Requested

The Department for Business and Trade launches OTSI on 10th October 2024, equipped with new civil enforcement powers as granted by The Trade, Aircraft and Shipping Sanctions (Civil Enforcement) Regulations 2024. This includes the power to impose Civil Monetary Penalties and share information about sanctions breaches.

Key Facts

  • OTSI is launched on 10th October 2024.
  • Since February 2022, UK sanctions against Russia have deprived it of over $400bn.
  • HMRC continues to enforce trade sanctions regarding goods and technology crossing the border, while OTSI leads on other enforcement areas.
  • The Office of Financial Sanctions Implementation remains responsible for enforcing the oil price cap.
  • New reporting obligations are placed on financial services, money services businesses, and legal service providers.
▸ Assessment & feedback
Summary accuracy