Britain imposed sanctions against the gold mining and oil sectors of the Russian Federation

Sofiia Telishevska

Britain has imposed sanctions against 29 people and organizations working in Russiaʼs gold mining and oil sectors.

A network based in the United Arab Emirates and, according to London, responsible for transferring more than $300 million in gold revenues to Russia, came under sanctions.

In addition, Britain imposed sanctions against the two largest Russian gold producers, Nord Gold Plc and Highland Gold Mining Ltd, and oligarchs Vladislav Sviblov and Konstantin Strukov.

"Todayʼs sanctions will hit those who have supported Putin by helping him reduce the impact of our sanctions on Russian gold and oil, two of the most important sources of income for the Russian military machine," British Foreign Secretary James Cleverley said.

Britain also imposed sanctions on energy trading company Paramount Energy & Commodities DMCC, saying its opaque ownership structures were used by Russia to soften the impact of G7 oil sanctions.

  • Britain has currently sanctioned more than 1 800 people, companies and groups under the Russia sanctions regime. The sanctions list includes 129 oligarchs with a total fortune of £145 billion.