Government teams up with Chamber to host event on sanctions compliance

The UK Government have announced they are hosting a one-day event on sanctions compliance, offering businesses the chance to hear directly from regulators on the latest developments.

Taking place on Wednesday 16 July, the event will support businesses to adapt and succeed in the ever-evolving global trade landscape. 

Session 1 (Goods focused) will take place at the Make UK Technology Hub in Aston, Birmingham, from 9am-1pm. Session 2 (Services focused) will take place at the Greater Birmingham Chambers of Commerce offices at 54 Hagley Road from 2pm-5pm.

The Russian state is going to extraordinary lengths to circumvent sanctions, primarily by exploiting the jurisdictions of third countries to hide the end user – often without their knowledge.

For businesses who trade across huge areas of the world, including the Caucasus, Middle East, Central Asia and South East Asia, you may unwittingly become the victim of these covert tactics where the true end destination is concealed, and put yourselves at a heightened risk of breaching UK Government sanctions. 

Alexander Urwin, Desk Officer, Trade Sanctions Business Engagement and Sanctions Directorate at the Department for Business and Trade (DBT), said: “Tackling circumvention is a top priority for the G7. In cases where third country businesses are actively supplying Russia’s war machine, we have not shied away from sanctioning them.

“The G7 is focused on ensuring all in the supply chain are aware of the latest tactics used by Russia and have robust compliance systems in place which can counter these tactics.”

The DBT say underpinning their sanctions with strong enforcement is critical to their impact and they regularly punish serious breaches with large fines or criminal prosecution: 

• In March, the Office of Financial Sanctions Implementation (OFSI) imposed a monetary penalty of £465,000 for breaches of Financial Sanctions,  

• In April the NCA secured the first convictions for breaches of the UK’s Russia sanctions. In addition,  

• Since February 2022, HMRC has issued six compound settlements against UK companies that have breached the Russia trade sanctions regulations for a total of £1,363,129, including one in August 2023 for £1 million. 

The UK Government's objective is to support businesses to understand their sanctions obligations and support compliance. Since February 2022, the UK government have undertaken an extensive programme of industry engagement to ensure that businesses understand their compliance and reporting responsibilities. 

For more information on the event and to book your place visit HERE.