Copyright © 2021 Euromaidanpress.com

The work of Euromaidan Press is supported by the International Renaissance Foundation

When referencing our materials, please include an active hyperlink to the Euromaidan Press material and a maximum 500-character extract of the story. To reprint anything longer, written permission must be acquired from [email protected].

Privacy and Cookie Policies.

UK imposes sanctions on companies that help Russia finance war on Ukraine

A view of St. Basil’s Cathedral at the Red Square in Moscow on 17 March 2020. Source: Sefa Karacan/Anadolu Agency
UK imposes sanctions on companies that help Russia finance war on Ukraine

UK Foreign Secretary James Cleverly has announced new sanctions against individuals and entities operating in and supporting Russia’s gold, oil, and strategic sectors.

The restrictions have targeted Russian oligarchs and businesses, and third-country enablers fuelling Russia’s war revenues.

Sanctions continue to deal a heavy blow to the Kremlin’s war economy, to date depriving Putin of over $400 billion to fund his illegal invasion of Ukraine. But we must keep tightening the screws on Moscow.

Today’s sanctions will hit those who have provided succor to Putin by helping him to lessen the impact of our sanctions on Russian gold and oil – two critical sources of revenue for the Russian war machine.

As we root out and close down these circumvention avenues, we’ll continue to box Putin in and make sure his faltering war effort in Ukraine ends in failure,” Cleverly said. 

Among those sanctioned are two of Russia’s largest gold producers, Nord Gold PLC and Highland Gold Mining Limited, alongside Russian oligarchs Vladislav Sviblov and Konstantin Strukov.

The UK has also put restrictions on Paramount Energy & Commodities DMCC company which is known to employ opaque ownership structures and has been used by Russia to soften the blow of oil-related sanctions imposed by the UK in coordination with G7 partners.

Read also:

You could close this page. Or you could join our community and help us produce more materials like this.  We keep our reporting open and accessible to everyone because we believe in the power of free information. This is why our small, cost-effective team depends on the support of readers like you to bring deliver timely news, quality analysis, and on-the-ground reports about Russia's war against Ukraine and Ukraine's struggle to build a democratic society. A little bit goes a long way: for as little as the cost of one cup of coffee a month, you can help build bridges between Ukraine and the rest of the world, plus become a co-creator and vote for topics we should cover next. Become a patron or see other ways to support. Become a Patron!

To suggest a correction or clarification, write to us here

You can also highlight the text and press Ctrl + Enter

Please leave your suggestions or corrections here


    Related Posts