Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps her Department is taking with the Office of Financial Sanctions Implementation to enforce the UK’s sanctions regime.

The Treasury’s Office of Financial Sanctions Implementation (OFSI) is responsible for civil enforcement of the UK’s financial sanctions regimes.

OFSI is committed to ensuring that the UK has the strongest possible capability to implement and enforce the UK’s financial sanctions. OFSI has scaled up its enforcement capabilities through legislative changes and expanded its team, allowing it to progress a higher number of complex investigations. For example, in the financial year 2022 – 2023 OFSI increased resource in its enforcement team by 175%.

OFSI expects to see the first monetary penalties resulting from breaches related to the 2022 Russia designations in 2024.