Member

Some clarifications have beenmade to ensure that Regulation 54D does not capture services in connection with the management of claims under a contract of insurance or reinsurance. This Government are committed to enforcement, and it is right that we ensure that we have the necessary powers, tools and capacity to implement and enforce our sanctions regimes effectively. That is why, on 10 October, we launched the Office of Trade Sanctions Implementation, with enhanced civil enforcement powers, to maximise the impact of the UK’s trade sanctions against Russia. These powers include the ability to issue civil monetary penalties for breaches and to make details of breaches public. There are also new reporting requirements on sectors well positioned to find evidence of trade sanctions breaches.