The United States and the United Kingdom agreed to deepen cooperation on implementing sanctions against Russia and other countries, director of the US Office of Foreign Assets Control (OFAC) Andrea Gacki and the head of the UK Office of Financial Sanctions Implementation (OFSI) Giles Thomson said on Monday
WASHINGTON (Pakistan Point News / Sputnik - 17th October, 2022) The United States and the United Kingdom agreed to deepen cooperation on implementing sanctions against Russia and other countries, director of the US Office of Foreign Assets Control (OFAC) Andrea Gacki and the head of the UK Office of Financial Sanctions Implementation (OFSI) Giles Thomson said on Monday.
"We have decided to deepen OFSI-OFAC cooperation further, to enhance both our own capabilities and the support we provide to those at the forefront of effective sanctions implementation. Doing so will further build on the aims of the Department of the Treasury's 2021 Sanctions Review, and support OFSI's move to a larger and more proactive organization," Gacki and Thompson said in a joint statement.
The two countries have imposed "unprecedented costs" on Russia due to the Ukraine conflict, which have had a significant impact on the Russian economy, the statement read.
"Financial sanctions will continue to be a vital tool in supporting the United States' and United Kingdom's respective foreign policy and national security aims. They also help to protect the integrity of our financial systems as part of wider efforts to tackle corruption, kleptocracy, and other forms of economic crime," it added.
Gacki and Thompson also promised to continue partnership by updating sanctions-related products.
"Over time, we expect to realize the benefits of our collaboration not only in relation to the sanctions imposed in response to Russia's invasion of Ukraine, but also across other common sanctions regimes. The United Kingdom and the United States have enjoyed a special relationship for many decades, and our collaboration with respect to economic sanctions is no exception," they said.
Western countries have increased sanctions pressure on Russia since the start of the special military operation in Ukraine on February 24. Disruption to supply chains has led to higher fuel and food prices across the world, driving inflation to record levels and causing the cost of living to soar.
