United States and Great Britain agree to "take to a new level" cooperation on sanctions against Russia

This is stated in a joint statement by director of the US Office of Foreign Assets Control (OFAC), Andrea Gacki, and director of UK’s Office for Financial Sanctions Implementation (OFSI), Giles Thomson.

They noted that they remain committed to close contact between the countries and see "significant ground for advancing our collaboration to a new level."

OFAC and OFSI perform similar functions and have similar tools, including the ability to impose civil financial penalties, according to the statement.

"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,” Gacki and Thomson said.

According to the officials, they are counting on the advantages of cooperation not only in connection with the sanctions introduced in response to Russia's invasion of Ukraine, but also "within the various sanctions regimes that are often applied."

Gacki and Thomson said OFAC and OFSI are focused on joint approaches to “cyber threats and the misuse of virtual assets, improving information sharing, and ensuring that our sanctions do not prevent humanitarian trade and assistance from reaching those in need.”