Agency responsible for implementing financial sanctions on Russia to be scrutinised in one-off session
Senior officials from the Office of Financial Sanctions Implementation (OFSI) will give evidence on the financial sanctions put in place by the UK Government to hamper Russia’s economy.
Meeting details
OFSI is a government agency which reports into the Treasury. Its remit is to
- Administer sanctions that restrict financial transactions with individuals, organizations, or countries that pose a threat to international peace and security
- Issue guidance for businesses and financial institutions on how to comply with financial sanctions regulations
- Investigate and, if necessary, impose fines or take legal action if financial sanctions are violated
MPs are likely to probe on whether the Treasury has given OFSI the right tools and resources to ensure the UK’s financial sanctions regime is being fully implemented and policed.
During the previous Parliament, members of the then Treasury Committee expressed concern that OFSI has taken limited enforcement action since Russia’s invasion of Ukraine. MPs may, therefore, question whether the agency believes this represents the full scale of wrongdoing related to financial sanctions against Russia.
This is a one-off session which follows the work done by the then Treasury Committee during the previous parliament. Due to the general election, the inquiry concluded with a letter to the Treasury setting out some initial observations.