UK imposes sanctions on illegal gold traders financing Russia's war against Ukraine

Reuters reports.

The British government has frozen the assets of four people involved in gold smuggling. Another person is subject to sanctions for purchasing more than $300 million worth of Russian gold, generating revenue for the Russian government.

“Illicit gold is an assault on the legitimate trade of a valuable commodity, fuelling corruption, undermining the rule of law, and entrenching human rights abuses such as child labour. Russia uses the illicit gold trade to launder money and evade sanctions, in doing so bolstering Putin's war efforts,” the British Foreign Office said in a statement.

• Armenian companies, backed by influential politicians and businessmen in the country, help Russia circumvent the Western embargo on gold trade.