UK Sanctions Gold Trader and Miners in New Russian Clampdown – by Jonathan Browning (Bloomberg News – Novmeber 8, 2023)

(Bloomberg) — The UK government targeted Russian gold miners, the largest refiner and a Dubai-based trader involved in routing funds to Moscow as part of a package of fresh sanctions tied to the country’s gold and oil sectors.

The UK on Wednesday sanctioned Nord Gold Plc and Highland Gold Mining Ltd. alongside Krastsvetmet JSC, the biggest precious metals refinery in Russia.

They were sanctioned together with more than two dozen other individuals and companies, including oil trader Paramount Energy & Commodities DMCC, which was accused of using deceptive practices to avoid sanctions. The government also targeted a United Arab Emirates-based network that it says channeled $300 million of gold sales to Russia.

“We must keep tightening the screws on Moscow,” Foreign Secretary James Cleverly said in a statement. “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.”

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