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In November 2024, the UK imposed new sanctions on Russia, targeting individuals and entities that are vital to Russia’s revenue from gold and oil, two significant sectors financing its ongoing invasion of Ukraine. This latest round included 29 individuals and companies with links to gold and oil networks, highlighting the UK’s intention to cut off avenues that Russia uses to bypass existing restrictions.
Some of the newly sanctioned entities are located outside Russia, such as Paloma Precious DMCC, based in the UAE, which allegedly routed over $300 million in gold revenues back to Russia. In addition, major Russian gold producers like Nord Gold PLC and Highland Gold Mining Limited were targeted, along with influential oligarchs and associated businesses.
Since the invasion of Ukraine in early 2022, the UK has been a leader in imposing sanctions alongside allies like the U.S. and EU, implementing over 2,000 sanctions on Russian individuals and entities across sectors such as finance, technology, and energy.
These actions have reportedly denied the Russian government access to more than $400 billion in assets and revenue. Additionally, the sanctions have led to a sharp decrease in UK-Russia trade, with Russian imports to the UK falling by 99% and UK exports to Russia down by 73% since the start of the conflict.
The UK’s Foreign Secretary emphasized that these measures aim to further weaken Russia’s economy by disrupting its key revenue streams and closing pathways used to evade sanctions.
These recent sanctions underscore the UK’s commitment to supporting Ukraine by economically isolating Russia and limiting its ability to sustain the war.
They are also accompanied by advisories to British companies to monitor suspicious activities that could indicate sanction circumvention, especially in industries like gold trading and electronics manufacturing. As of now, the UK has placed over 1,800 sanctions under its Russia regime alone, continuing to adapt its strategy as Russia seeks new ways to evade these measures.
For more details, the official announcement and an updated list of sanctioned entities can be accessed via the UK government’s site on sanctions.
Attached is a news article regarding the sanctions set on Russia
https://www.bbc.co.uk/news/world-europe-60125659.amp
Article written and configured by Christopher Stanley
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