In response, London announced 29 new sanctions against “individuals and entities operating in Russian gold, oil and strategic sectors”. This includes a network in the United Arab Emirates, which is responsible for sending gold revenues back to Russia totaling more than $300 million (280 million euros), according to the British Foreign Office.
Britain has also imposed sanctions against Russia’s two largest gold producers – Nord Gold Plc and Highland Gold Mining Ltd – as well as Russian oligarchs Vladislav Sviblov and Konstantin Strukov.
After oil and gas, gold is Russia’s largest source of income in Ukraine. In 2021, gold contributed $15.5 billion to the Russian economy.
According to the NCA, the warning issued now is aimed at helping prevent British restrictions being circumvented.
Several countries have banned imports of Russian gold following Russia’s invasion of Ukraine in February 2022. Apart from Great Britain, these included America, Japan and Canada. The European Union also decided to stop the import of gold from Russia.
