London Has Imposed Sanctions on the Gold and Oil Sectors of Russia
The United Kingdom has announced new sanctions against 29 individuals and entities associated with the gold and oil industries of the Russian Federation.
This was reported by the official website of the UK government.
"Today’s sanctions will hit those who have provided succour to Putin by helping him to lessen the impact of our sanctions on Russian gold and oil – 2 critical sources of revenue for the Russian war machine," said UK Foreign Secretary James Cleverly.
According to the statement, the new sanctions will target the two largest Russian gold producers, namely Nord Gold PLC and Highland Gold Mining Limited, alongside Russian oligarchs Vladislav Sviblov and Konstantin Strukov.
"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," emphasized Minister Cleverly.
In addition, the announced sanctions will affect individuals and entities helping Russia circumvent international sanctions. In particular, a whole network from the United Arab Emirates responsible for transferring over $300 million in gold revenue to Russia will fall under the new restrictions.
Furthermore, the sanctions will extend to gold trader Paloma Precious DMCC and its principal associate, Howard Jon Baker, as well as Paramount Energy & Commodities DMCC, which was able to "soften the blow of oil-related sanctions for Russia" previously imposed by the UK in partnership with the G7 countries.
At the same time, the United Kingdom has taken measures against LLC TC Fly Bridge and its founder Maksim Ermakov, which procures dual-use goods for Russian electronics manufacturers NPP Istok and Ecitech.
It is worth noting that since the start of Russia's full-scale invasion of Ukraine in February 2022, the United Kingdom has announced sanctions against 1,800 individuals, companies, and groups. According to the head of the UK Foreign Office, sanctions have already deprived Russia of over $400 billion for financing the illegal invasion of Ukraine.
Earlier, The Gaze reported that the EU, along with G7 countries, is working on implementing the 12th sanctions package against Russia, with diamonds likely to be a key element.