UK targets illegal gold trade with new sanctions on Russia
Illustrative photo: UK has imposed sanctions against illegal gold trading (Getty Images)
The United Kingdom has introduced new sanctions targeting illegal gold trading. This will reduce Russia's ability to finance its war against Ukraine, states the UK Foreign Office, according to Reuters.
The British government has frozen the assets of four people involved in gold smuggling as part of its sanctions.
Additionally, assets belonging to another individual who purchased over $300 million worth of Russian gold, providing significant revenue to Russia, were also frozen.
The Foreign Office emphasized that illegal gold trading is "an assault on the legitimate trade of a valuable commodity, fuelling corruption, undermining the rule of law, and entrenching human rights ."
"Russia uses the illicit gold trade to launder money and evade sanctions, in doing so bolstering Putin's war efforts," the statement added.
Sanctions on Russian gold
Following Russia’s full-scale invasion of Ukraine, Western countries imposed sanctions on Russian gold, including a ban on imports.
The United States announced its sanctions, including a ban on importing Russian gold, on June 28, 2022. However, these restrictions applied only to gold located within Russia's territory.
