Britain sanctioned on Wednesday a network of companies based in the United Arab Emirates (UAE) that it accuses of being responsible for channeling more than $300 million in gold revenues to Russia, helping to bolster its economic might and support its war against Ukraine.
The new sanctions announced by the UK Foreign Ministry target 29 individuals and companies operating in and supporting Russia’s gold, oil and strategic sectors. The ministry said that these sectors have close ties to the Kremlin and serve as “critical revenue streams” for its war on Ukraine.
Gold is a significant income stream for Russia’s war effort — one of the highest by value after oil and gas, worth £12.6 billion ($15.5 billion) to the Russian economy in 2021, the UK Foreign, Commonwealth & Development Office (FCDO) said in a statement.
The UAE-based network accused of channeling the gold revenues to Russia was sanctioned by the FCDO. As part of this, gold trader Paloma Precious DMCC and the key individual behind the outfit, Howard Jon Baker, have been targeted.
