On Monday, the United States and Britain unveiled new sanctions targeting the illicit gold trade, accusing it of funding Russian President Vladimir Putin’s war efforts in Ukraine while promoting corruption. The UK froze assets of four individuals involved in gold smuggling and one who purchased over $300 million in Russian gold, directly benefiting Moscow’s coffers. The British Foreign Office highlighted the detrimental effects of the illicit trade, including undermining the rule of law and human rights abuses like child labor.
Both nations banned Russian gold imports in 2022 due to the Ukraine invasion, prompting Russia to seek alternative markets. The U.S. Treasury also sanctioned networks in Zimbabwe, led by Kamlesh Pattni, accused of using gold smuggling and money laundering to circumvent sanctions. Pattni’s operations extended to the UAE, Singapore, and Kyrgyzstan, coinciding with International Anti-Corruption Day.
In response, Britain appointed Margaret Hodge as ‘Anti-Corruption Champion’ to bolster efforts against corruption across various sectors. The Russian embassy in London remained silent on these developments.
