The United States and Britain have launched a new round of sanctions aimed at disrupting the illicit gold trade, which, as per the United Kingdom, is allegedly funding Russian President Vladimir Putin’s military operations in Ukraine and backing corruption. 

The UK government imposed asset freezes on four people that it said were accused of involvement in illicit Russian gold trade.

“Illicit gold is an assault on the legitimate trade of a valuable commodity, fuelling corruption, undermining the rule of law, and entrenching human rights abuses such as child labour,” the British Foreign Office said in a statement.

“Russia uses the illicit gold trade to launder money and evade sanctions, in doing so bolstering Putin’s war efforts.”

Last week, Britain and the United States joined forces to disrupt a massive global money laundering network used by wealthy Russians to evade sanctions. 

The United States on Monday imposed sanctions on 28 individuals and businesses allegedly involved in a global gold smuggling and money laundering network based in Zimbabwe. 

The network, which is led by Kamlesh Pattni, is accused of bribing officials, hiding ownership through trusted supporters, and creating a complex web of businesses to conceal illicit activities, said the US Treasury Department in a statement.

“Across the globe, when corrupt actors like Pattni choose to exploit openings in governance structures to benefit themselves and their cronies, communities suffer and public trust is undermined,” said Acting Under Secretary of the Treasury for Terrorism and Financial Intelligence Bradley T. Smith. 

“Corruption respects no borders and its consequences are felt worldwide. As we mark International Anti-Corruption Day, the United States reaffirms our commitment to use all available tools to hold these individuals to account for their schemes.” 

The UK also designated Pattni on Monday.

(With inputs from agencies)