The United Kingdom established a trade sanctions unit with new capabilities to punish companies, not complying with bans on exporting commodities to the Russian Federation. The institution called the Office of Trade Sanctions Implementation will make companies stick to the sanctions regime.
Business and Trade Secretary Jonathan Reynolds made the following statement, “This new unit will help ensure businesses comply with trade sanctions and take decisive enforcement action where needed so that, together with business, we can continue to exert maximum pressure on Putin’s regime”.
The institution will have capabilities to punish companies, circumventing sanctions, and name and shame the firms, which are involved in this process. It will be responsible for implementing sanctions on exports of business and professional services. Moreover, the Office of Trade Sanctions Implementation will investigate the UK citizens, who have evaded sanctions while working in third countries.
However, notwithstanding the establishment of the Office of Trade Sanctions Implementation, the United Kingdom and the European Union should continue searching for loopholes used by the Russian Federation to circumvent sanctions and should punish their citizens, assisting Russia in evading restrictions.
