UK steps up sanctions against Russia, targeting key industries and oligarchs

The New Voice of Ukraine
·2 min read
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Gold
Gold

The United Kingdom has unveiled 29 new sanctions targeting individuals and entities operating in and supporting Russia’s gold, oil and strategic sectors.

UK Foreign Secretary James Cleverley in a government statement issued on Nov. 8 said the list includes Russian oligarchs and businesses, as well as third countries that are supporting Russia's income from its war in Ukraine.

The UK has also imposed sanctions on two of the largest Russian gold producers, Nord Gold PLC and Highland Gold Mining Limited, as well as Russian oligarchs Vladislav Sviblov and Konstantin Strukov.

Those sanctioned include JSC Krastsvetmet, Russia’s largest gold refiner.

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“Today’s sanctions will hit those who have provided succor to (Russian dictator 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,” Cleverley said.

The UK has also imposed sanctions on Paramount Energy & Commodities DMCC, a Dubai-based firm used by Russia to evade oil-related sanctions imposed by the UK in coordination with G7 partners.

Read also: UK drops sanctions evasion probe into Russian billionaire Fridman

The UK has also acted to disrupt a covert procurement network used by Russia to acquire critical Western technology, sanctioning OOO TK Fly Bridge, a company procuring dual-use goods for Russian electronics producers NPP Istok and Ecitech.

Also sanctioned from this covert network are Maksim Ermakov, founder of OOO TK Fly Bridge, alongside eight of NPP Istok’s board members.

The UK government statement said that Russia’s gold and oil markets have close ties to the Kremlin and serve as critical revenue streams for Russia’s illegal invasion of Ukraine. Gold is s second only to oil and gas in terms of value, worth GBP 12.6 billion ($15 billion) to the Russian economy in 2021.

To date, the UK has sanctioned over 1,800 individuals, companies, and groups under our Russia sanctions regime, including 129 oligarchs with a combined net worth of GBP 145 billion (about $173 billion) at the time of the invasion.

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Earlier, EU foreign policy chief Josep Borrell said the bloc is preparing to present a 12th package of sanctions against Russia as soon as next week.

The restrictions will include a ban on the import of Russian diamonds.

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