FT: US and UK step up co-operation on sanctions

Author:
Anna Kholodnova
Date:

The United States of America and the United Kingdom agreed to strengthen their cooperation in the implementation and enforcement of sanctions.

The Financial Times writes about it.

In a joint statement, which is available to the media outlet, high-ranking officials of the treasury of the United States and Great Britain said that they decided to take their cooperation to a "new level".

"Over time, we expect to realize the benefits of our cooperation not only with respect to the sanctions imposed in response to Russiaʼs invasion of Ukraine, but also with respect to other general sanctions regimes... our shared values and shared role in the global financial system make our partnership incredibly powerful." — said Director of the Department of Foreign Assets Control of the US Treasury Department, Andrea Gaki, and Giles Thomson, Director of the Financial Sanctions Implementation Department of the UK Treasury Department.

The US Treasury Department plans to create a new position of chief economist on sanctions to study their economic impact. Britainʼs OFSI [Office for Financial Sanctions] will also expand.

Gaki and Thomson said that OFAC [the U.S. Treasury Departmentʼs Office of Foreign Assets Control] and OFSI are particularly focused on joint approaches to "cyber threats and virtual asset abuse, improving information sharing and ensuring that our sanctions do not interfere with humanitarian trade and assistance to those who needs it."

  • On October 6, the European Union approved the eighth package of sanctions against Russia. It includes a ban on the import of Russian products worth €7 billion and a cap on oil prices. The EU also expanded sanctions against individuals and Russian companies involved in illegal "referendums" on the territory of Ukraine.
  • Bloomberg wrote that the European Union is considering a new package of sanctions against Russia. It will make it possible to punish people who help evade EU restrictive measures.