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ARTICLE · 29 OCTOBER 2024

UK Sanctions - Autumn Roundup

WilmerHale
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Recent UK sanctions developments include the establishment of the Office of Trade Sanctions Implementation (OTSI) to enhance sanctions enforcement, the first civil fine issued by the Office of Financial Sanctions Implementation (OFSI) under the Russia Regulations, changes in licensing rules for intra-corporate services to Russia, and clarified restrictions on legal advisory services regarding sanctions compliance...

United KingdomInternational Law
Lindsey Cullen
Lindsey Cullen
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In recent months there have been a number of significant developments in the UK sanctions space. This blog post summarises a few of them.

1. Office of Trade Sanctions Implementation

In efforts to make sanctions implementation and enforcement more robust, the UK government launched the Office of Trade Sanctions Implementation (OTSI) on 10 October 2024.

OTSI is focused on the United Kingdom's trade sanctions rules. Its stated aim in government publications is to "support businesses with compliance, helping them to understand sanctions and giving them the confidence to meet their obligations." It has already issued various guidance and policy papers on its website.

OTSI is now the licensing body for the provision and procurement of stand-alone services. This means that corporates and professional services firms seeking a licence to provide, for example, professional and business services that are prohibited under Regulation 54C of the Russia (Sanctions) (EU

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