UK sanctions Russia's gold mining giants
Photo: Depositphotos

United Kingdom has imposed sanctions against 29 individuals and legal entities that work in the oil, gold mining and strategic sectors and support Russia in the war against Ukraine, reported the British foreign secretary.

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"We must keep tightening the screws on Moscow. 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 – two critical sources of revenue for the Russian war machine," British Foreign Secretary James Cleverly said.

The United Arab Emirates-based network responsible for transferring more than $300 million in gold revenues to Russia, Paloma Precious DMCC, as well as the main person behind the company, Howard Jon Baker, were sanctioned.

The restrictions apply to the two largest Russian gold producers – Nordgold (and billionaire Aleksey Mordashov's wife Marina, who owns 52% of the shares) and Highland Gold and its owner Vladislav Sviblov.

Konstantin Strukov, the owner of the Yuzhuralzoloto group of companies (YuGK), was also sanctioned, while YuGK itself is not on the list of sanctions.

Instead, it included the Ural Mining and Metallurgical Company (UMMC), which also produces non-ferrous metals and gold and is already under US sanctions. Its co-founder Iskander Makhmudov has been under British sanctions since September 2022.

The largest Russian refinery "Krastsvetmet" – one of the world's largest producers of precious metals and products made from them – also fell under the sanctions.

Restrictions were introduced against the Russian Union of Industrialists and Entrepreneurs  (RSPP) and the Russian National Reinsurance Company.

Britain added Paramount Energy & Commodities DMCC to the sanctions list. This structure uses deceptive delivery methods as well as opaque ownership structures and has been used by Russia to soften the blow of oil-related sanctions imposed by the UK in coordination with G7 partners.

Britain's actions are also aimed at destroying the covert procurement network used by the Russian Federation to acquire the most important Western technologies.

In particular, sanctions were introduced against TK Fly Bridge LLC, a company that purchases dual-purpose goods for Russian electronics manufacturers Istok and Ecitech.

To date, the United Kingdom has slapped restrictions on more than 1,800 individuals, companies and groups under anti-Russian sanctions, including 129 oligarchs with a combined fortune of £145 billion at the time of the invasion.

On November 6, 2023, the United States expanded sanctions against the Russian Federation. The list also includes companies from Turkey, the UAE, China, and Switzerland.

On November 8, the USA introduced export restrictions on individuals and companies for the supply of electronics to the Russian Federation.