On Wednesday, November 8, the British government sanctioned 29 individuals and entities in the Russian gold and oil sectors in an effort to target Moscow's financial resources for its war in Ukraine. Among those sanctioned is a network based in the United Arab Emirates, which the UK claims is responsible for transferring over $300 million from gold sales revenue to Russia. Britain also sanctioned two of Russia's largest gold mining companies, 'Nord Gold' and 'Highland Gold Mining', as well as two oligarchs, Vladislav Sviblov and Konstantin Strokov. British Foreign Secretary James Cleverly stated, 'Today's sanctions will hit those who have helped Putin evade the impact of our sanctions on the gold and oil sectors, two critical revenue sources for Russia's war in Ukraine.' To date, the UK has sanctioned over 1,800 individuals, companies, and groups linked to Russia, including 129 oligarchs whose total net worth was estimated at £145 billion at the start of the war in Ukraine. The UK claims the new sanctions are aimed at preventing assistance to Russia in evading the impact of international sanctions. The UK Foreign Office stated that the Russian gold and oil markets are under Kremlin control and serve as vital revenue sources for the country's illegal invasion of Ukraine. As part of the new sanctions, a gold trading company named 'Paloma Precious' and an individual named Howard John Baker, who played a significant role in its management, have also been sanctioned. The British Foreign Secretary noted that the sanctions against Russia have significantly impacted Kremlin's war financing in Ukraine, depriving Putin of over $400 billion in revenue for his invasion. The US has also imposed 130 new sanctions aimed at 'countering Russia's war machine.' CNN reported that the US is supplying seized weapons from the Islamic Republic to Ukraine, while The Guardian noted a decrease in Iranian drone shipments to Moscow, with the Islamic Republic meeting Russia's needs through Syria and Tatarstan. Increasing evidence of 'Russian war crimes' has been reported by UN inspectors in Ukraine, and the US has sanctioned several companies for aiding Russia's use of drones against Ukraine.
Britain Targets Russian Gold and Oil Sectors with New Sanctions
The UK has imposed new sanctions on 29 individuals and entities in Russia's gold and oil sectors to target funding for the war in Ukraine. Key targets include major gold mining companies and a network in the UAE involved in transferring significant funds to Russia. This move is part of broader international efforts to weaken Russia's financial capabilities amid ongoing conflict.
👥 Key Players
⚡ Actions
📰 What Happened
Britain sanctioned 29 Russian entities to disrupt funding for the war in Ukraine.
- British government sanction 29 individuals and entities in the Russian gold and oil sectors
- British government sanction Nord Gold, Highland Gold Mining, Vladislav Sviblov, Konstantin Strokov
- British government sanction Paloma Precious, Howard John Baker
💡 Why It Matters
📚 Background
The UK is intensifying sanctions to disrupt Russia's funding for its military actions.
📝 Key Evidence
🏷️ Entities Mentioned
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