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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.

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