Published by Global Banking & Finance Review®
Posted on December 9, 2024
2 min readLast updated: January 27, 2026
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The UK has sanctioned the illicit gold trade to cut Russia's war funding. New measures include appointing an Anti-Corruption Champion and disrupting money laundering networks.
LONDON (Reuters) - Britain on Monday announced a new wave of sanctions targeting what it said was the illicit gold trade financing Russia's war efforts in Ukraine and fuelling corruption.
The government added one new designation under its Russia sanctions regime, one under its Democratic Republic of Congo regime and three under its global anti-corruption regime, an official notice showed.
Britain and other major western economies banned the import of new Russian gold in 2022 following Russian President Vladmir Putin's invasion of Ukraine. Russia has since found other markets in which to sell the gold it produces.
Last week Britain, working in concert with the United States, said it had disrupted a global money laundering ring used by rich Russians to evade sanctions.
Alongside the latest sanctions, the government appointed a new 'Anti-Corruption Champion' to help coordinate efforts between parliament, the private sector and civil society to clamp down on all forms of corruption.
The role was given to Margaret Hodge, a former lawmaker in the governing Labour Party who has spent much of her 30-year political career campaigning against domestic and international corruption. She is now a member of the House of Lords, Britain's upper parliamentary chamber.
Britain will publish a new anti-corruption strategy in 2025.
(Reporting by William James; editing by Sarah Young)
The main topic is the UK's sanctions on the illicit gold trade to cut Russia's war funding and combat corruption.
Margaret Hodge, a former Labour Party lawmaker, has been appointed as the new Anti-Corruption Champion.
The UK's goals are to disrupt Russia's war funding in Ukraine and to tackle global corruption and money laundering.
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