UK extends sanctions on gold trade to curb Russia's war funding

The United Kingdom has announced a new wave of sanctions aimed at what it says is illegal gold trading that is financing Russia's military actions in Ukraine.

Source: Reuters

Details: UK authorities have frozen the assets belonging to five individuals: four linked to gold smuggling operations and one accused of buying Russian gold valued at over US$300 million.

The UK and other major Western economies have banned imports of new Russian gold in 2022 following Russia's full-scale invasion of Ukraine.

Last week, the UK, working together with the United States, announced that it had disrupted a global money laundering network used by wealthy Russians to avoid sanctions.

Background:

• On 7 November, the UK announced new sanctions against the Russian defence industry and Russian-backed mercenary groups in its biggest package of anti-Russian restrictions since May 2023.
• On 17 October, sanctions were imposed on 18 Russian oil tankers and four liquefied natural gas tankers.

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