UK takes strong control of sanctions against Russia, US wants G7 to do this

On December 11, the British Department of Business and Trade announced that the government will establish a new unit to monitor compliance with Russian sanctions by private companies.

UK sets up unit to monitor implementation of sanctions against Russia. (Source: Reuters)

The Office of Trade Sanctions Enforcement (OTSI) will have the power to sanction companies that break the law and refer criminal cases to HM Revenue and Customs (HMRC) for review.

In particular, the office, which will begin operations in early 2024, will monitor companies that may evade sanctions by exporting their products through third countries.

Britain has blacklisted more than 1,800 Russian individuals and entities since the start of the war in Ukraine and frozen their assets worth more than £18 billion ($23 billion).

Recently, the US Treasury Department also called on the Group of Seven (G7) to tighten control over Russia's oil trade amid Moscow's increasing exports.

The world's largest economy wants the G7 to adjust its rules to prevent countries from circumventing them to cooperate with Russia.

Source: https://baoquocte.vn/anh-manh-tay-kiem-soat-cac-bien-phap-trung-phat-nga-my-muon-g7-lam-dieu-nay-253446.html