UK sanctions oil and gold networks “propping up Russia’s war economy”

Britain imposes sanctions on Russian oligarchs, businesses, and international networks aiding Russia’s oil and gold industries, which play a significant role in financing the ongoing invasion of Ukraine.

byYuri Zoria

08/11/2023

1 minute read

Illustrative image. Credit: depositphotos

UK sanctions oil and gold networks “propping up Russia’s war economy”

UK sanctions have been imposed on Russian oligarchs and businesses, as well as international networks propping up the country’s oil and gold industries, The Guardian reports.

On 8 November, the United Kingdom’s Foreign, Commonwealth, and Development Office (FCDO) announced the targeting of 29 individuals and entities to thwart their support for Moscow in evading established international sanctions. The FCDO emphasized that Russia’s gold and oil sectors play a significant role in financing the ongoing invasion of Ukraine.

🚨 SANCTIONED: gold and oil networks propping up Russia’s war economy.

🛑 We are closing down avenues for sanctions circumvention.

🗜️️Our sanctions continue to box Putin in, helping to ensure his faltering war effort in Ukraine ends in failure. pic.twitter.com/mUugy1EPFB
— Foreign, Commonwealth & Development Office (@FCDOGovUK) November 8, 2023

Among those subject to sanctions are two of Russia’s major gold producers, Nord Gold and Highland Gold Mining, as well as prominent figures in the mining industry, Vladislav Sviblov and Konstantin Strukov. Additionally, a network based in the United Arab Emirates, responsible for channeling over $300 million in gold revenues to Russia, has also been designated, according to reports by PA Media.

As part of these measures, the FCDO has specifically targeted Paloma Precious DMCC, a handler of gold shipments to the UAE, along with its key figure, Howard Jon Baker.

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