UK targets Russian gold, oil sectors in new sanctions

LONDON, November 8

Britain on Wednesday imposed sanctions on 29 individuals and entities in Russia’s gold and oil sectors, as it targets the Kremlin’s finances supporting the war in Ukraine.

Those sanctioned include a United Arab Emirates-based network, which Britain said was responsible for channelling more than $300 million in gold revenues to Russia.

Britain also sanctioned two of Russia’s largest gold producers, Nord Gold Plc and Highland Gold Mining Ltd, as well as oligarchs Vladislav Sviblov and Konstantin Strukov. “Today’s sanctions will hit those who have provided succour to (Russian President Vladimir) 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,” British Foreign Secretary James Cleverly said. — Reuters