Britain Targets Russian Gold and Oil Sectors with New Sanctions

On Wednesday, Britain imposed sanctions on 29 individuals and entities in the Russian gold and oil sectors, as part of its efforts to target the Kremlin's finances supporting the war in Ukraine. British Foreign Secretary James Cleverly stated, "Today's sanctions will target those who are assisting Russian President Vladimir Putin by helping to alleviate the burden of our sanctions on gold and oil, which are vital revenue sources for the Russian war machine." The sanctions include a network based in the UAE, which Britain claims is "responsible for directing over $300 million in gold revenue to Russia." Britain also sanctioned two of the largest gold producers in Russia, Nord Gold PLC and Highland Gold Mining Limited, as well as wealthy individuals Vladislav Svyblov and Konstantin Strokov.