Britain imposes new sanctions on Russia's gold, oil sectors

The United Kingdom has imposed new sanctions against 29 individuals and organizations operating in Russia's gold, oil, and strategic sectors.

According to Ukrinform, this was reported in a press release on the British government's website.

"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 stated.

The sanctions list includes a network based in the United Arab Emirates. It is responsible for transferring to Russia profits from the sale of gold in the amount of more than USD 300 million. Restrictions were imposed on gold trader Paloma Precious and Howard Jon Baker, the man behind the company.

In addition, the UK imposed sanctions on two of Russia's largest gold producers, Nord Gold PLC and Highland Gold Mining Limited, and oligarchs Vladislav Sviblov and Konstantin Strukov.

The United Kingdom also imposed new sanctions against Paramount Energy & Commodities DMCC, whose opaque structures were used by Russia to mitigate the impact of sanctions related to the oil sector.

The sanctions were also applied to TK Fly Bridge LLC, which buys dual-use goods for Russian electronics manufacturers Istok and Ecitech. Maksim Ermakov, the founder of TK Fly Bridge, was included in the UK sanctions list along with eight members of the Istok management team.

As of today, the UK has imposed sanctions on more than 1,800 individuals, companies and groups under the sanctions regime against Russia, including 129 oligarchs with a total wealth of 145 billion pounds.

As reported, on Wednesday, the foreign ministers of the Group of Seven countries reaffirmed their determination to increase sanctions pressure on Russia and continue to support Ukraine during a session on Ukraine as part of a two-day meeting in Tokyo.