US Treasury announcements or official press releases

UK and US Sanction Four Individuals in Gold Smuggling Network Financing Russia's War Efforts on December 9, 2024

Dec 9, 2024, 02:31 PM

On December 9, 2024, the UK government announced a new wave of sanctions aimed at disrupting the illicit gold trade that finances Russia's military operations in Ukraine. The sanctions specifically target a global gold smuggling network and involve the freezing of assets belonging to four individuals linked to these activities. This move follows previous restrictions imposed in 2022, which banned the import of new Russian gold after the invasion of Ukraine. The U.S. Treasury also imposed sanctions on the same global gold smuggling network, emphasizing the coordinated effort to curb financial support for Russia's war machine. The UK government highlighted that the illicit gold trade contributes to corruption and undermines development efforts.