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UK Sanctions Chief Previews Aggressive Enforcement Strategy

By Koos Couvée

British officials are investigating several companies suspected of violating a banking embargo and other commercial restrictions that western nations have imposed on Russia for invading Ukraine. The U.K. Office of Financial Sanctions Implementation, or OFSI, this month gained new powers to issue civil monetary penalties for violations on a "strict liability" basis, days before officials disclosed plans to increase the agency's current staff of 70 to 100 by April 2023 to meet growing demand for guidance and licenses, and ramp up enforcement. Giles Thomson, OFSI's director, told lawmakers Wednesday that his agency plans to spend some of the additional resources...

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