Britain targets the Russian gold and oil sectors with new sanctions

Britain on Wednesday imposed sanctions on 29 individuals and entities in Russia’s gold and oil sectors as part of its targeting of the Kremlin’s finances supporting the war in Ukraine.

The sanctions include a UAE-based network that Britain says is responsible for funneling more than $300 million in gold revenues to Russia.

Britain also imposed sanctions on two of the largest gold producers in Russia, Nord Gold PLC and Highland Gold Gold Mining Ltd., in addition to wealthy individuals Vladislav Sviblov and Konstantin Strukov.

British Foreign Secretary James Cleverly said, “Today’s sanctions will target those who provide assistance to (Russian President Vladimir) Putin by helping him alleviate the impact of our sanctions on gold and oil, which are vital sources of revenue for the Russian war machine.”

Britain imposed sanctions on the energy trading company Paramount Energy and Commodities and said that its ambiguous ownership structure was exploited by Russia to mitigate the impact of sanctions imposed by the Group of Seven major industrialized countries on the oil sector.

Britain said the latest sanctions aim to prevent individuals and entities from helping Russia avoid the impact of international sanctions.