UK Imposes New Sanctions on Russian Gold Trade

The United Kingdom has implemented a new series of sanctions targeting the illicit gold trade, which it claims is financing Russia's military actions in Ukraine. The sanctions have resulted in the freezing of assets belonging to five individuals, including those involved in gold smuggling and one who purchased over $300 million worth of Russian gold. This move is part of a broader effort to disrupt a global money laundering network and reduce Russia's ability to fund its war efforts. Additionally, the UK appointed Margaret Hodge as the new 'Anti-Corruption Champion' to enhance efforts against corruption and coordinate actions across various sectors. These sanctions build on previous bans on Russian gold imports enforced by Western nations in 2022, despite Russia finding alternative markets for its gold. A comprehensive anti-corruption strategy is expected to be published by the UK government in 2025.