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The United Kingdom sanctioned on Wednesday another 29 individuals and entities that are supporting Russia’s oil and gold sectors, adding to the list of 1,800 individuals and entities that have already been sanctioned by the UK.
The list of sanctioned entities includes Russia’s largest gold refiner as well as Russian oligarchs and third-country enablers that the UK has said are helping to fuel Russia’s war efforts in Ukraine. Also finding itself on the list of newly sanctioned entities is a UAE-based network responsible for funneling $300 million in gold revenues to Russia, which includes gold trader Paloma Precious DMCC and Howard Jon Baker.
Gold producers Nord Gold PLC and Highland Gold Mining Limited also landed themselves on the UK’s list.
For oil-related entities, Paramount Energy & Commodities DMCC made the list, standing accused of deceptive shipping practices and opaque ownership structures.
“Sanctions continue to deal a heavy blow to the Kremlin’s war economy, to date depriving Putin of over $400bn to fund his illegal invasion of Ukraine. But we must keep tightening the screws on Moscow. Today’s sanctions will hit those who have provided succor 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. As we root out and close down these circumvention avenues, we’ll continue to box Putin in and make sure his faltering war effort in Ukraine ends in failure,” UK Foreign Secretary James Cleverly said in a Wednesday press release.
While Western alliances have sought to restrict Russia’s oil and gas revenues as a means for funding its war efforts in Ukraine, the country’s oil and gas revenues increased in October, more than doubling from September to $17.6 billion due to a cyclical surge in the profit-based tax.
By Julianne Geiger for Oilprice.com
Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.