Britain Tightens Grip on Illicit Gold Trade Funding Russia's War

Britain announced a new wave of sanctions targeting the illicit gold trade financing Russia's war in Ukraine. The measures include designations under multiple sanctions regimes and the appointment of a new 'Anti-Corruption Champion'. Britain will release a new anti-corruption strategy in 2025.

In an effort to curb illegal financial flows aiding Russia's war in Ukraine, Britain has unveiled a new series of sanctions. The latest measures specifically target the illicit gold trade, which has been implicated in funding Russia's war efforts and fostering corruption, according to an official statement released Monday.

With collaborative action alongside the United States, Britain claims to have disrupted a global money-laundering network. This marks a significant step following the West's ban on Russian gold imports in 2022. Despite these sanctions, Russia shifted its gold sales to alternative markets.

Furthering its anti-corruption campaign, the UK appointed Margaret Hodge, a veteran of anti-corruption efforts, as the new 'Anti-Corruption Champion'. The government is also set to unveil a comprehensive anti-corruption strategy in 2025.

(With inputs from agencies.)