Giles Thomson: UK will increase penalties for businesses that violate regulations by conducting business with Iran

According to a report by the Financial Times, Giles Thomson, the head of the UK Office for the Implementation of Financial Sanctions, stated that the UK is increasing penalties for companies that engage in business with Iran in violation of regulations. Russian sanctions remain the top priority for OFSI, and the department is deepening cooperation with the US and plans to temporarily transfer personnel to the Bank of England for the first time.