The United States and Britain will increase their cooperation on sanctions against Russia over its invasion of Ukraine, top officials for the two countries' sanctions authorities have said.
Andrea Gacki, director of the U.S. Office of Foreign Assets Control (OFAC), and Giles Thomson, director of the British Office of Financial Sanctions Implementation (OFSI), said in a statement that they were committed to their close working relationship and see "significant ground for advancing our collaboration to a new level."
The OFAC and the OFSI have similar "functions and tools," such as the ability to issue civil monetary penalties, Gacki and Thomson said.
"As such, 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," they said.
The two agencies last week concluded a technical exchange in London that they said would bring significant benefits to both organizations and reinforce collaboration.
Gacki and Thomson said the two offices "recognize that the growing scale of sanctions has increased the complexities of their implementation."
OFAC and OFSI already work together to develop approaches to address shared priorities like cyberthreats and the misuse of virtual assets, improve information sharing, and ensure that their sanctions do not prevent humanitarian trade and assistance from reaching those in need.
Gacki and Thomson said the United States and Britain know that sanctions are having a material impact on the Russian economy.
Russian President Vladimir Putin has acknowledged the difficulties caused by sanctions, which have had a "significant impact on Russia's military-industrial complex and its ability to wage its unjust war," they said.