Britain Cracks Down on Illicit Gold Trade Fueling Russian War Efforts

Britain announced sanctions targeting illicit gold trade funding Russian war efforts in Ukraine. Four individuals involved in gold smuggling had their assets frozen. Britain also appointed Margaret Hodge as 'Anti-Corruption Champion' to lead efforts against corruption. The UK plans to publish a new anti-corruption strategy by 2025.

Britain has unveiled a new wave of sanctions targeting what it asserts is an illicit gold trade financing Russian President Vladimir Putin's military campaign in Ukraine and promoting corruption.

The UK government froze the assets of four people allegedly involved in gold smuggling and one other who reportedly purchased over $300 million of Russian gold, consequently generating revenue for the Russian state.

Accompanying these sanctions, Britain has appointed Margaret Hodge as the new 'Anti-Corruption Champion' to spearhead efforts against corruption, coordinating across parliament, the private sector, and civil society.

(With inputs from agencies.)