Copyright © 2021

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 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.
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.

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.

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