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- Supporters of ex-Bolivia leader Morales block roads over possible arrest
- Germany into Nations League quarters, France and Italy win
- Nagelsmann lauds 'supercharged' Germany's 'best half of the year'
- 'Pandas are coming': Two new bears depart China for US capital
- Dodgers pitcher Kershaw plans to return for 2025
- Mbappe 'investigated for rape' in Sweden: report
- Revived Italy sweep past Israel in Nations League amid high security
- Trudeau slams India as tensions soar over Sikh separatist's murder
- Harris courts Black voters as Trump makes inroads
- Wall Street stocks hit fresh records as oil prices slide
- Nigerian team return home after boycotting AFCON qualifier in Libya
- Nigeria refuse to play in Libya as Algeria, Cameroon qualify
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- Leweling rockets Germany past Dutch and into Nations League quarterfinals
- Kolo Muani double fires France to win in Belgium
- Italy sweep past Israel in Nations League amid high security
- UN peacekeepers to 'stay in all positions' in Lebanon
- NASA launches probe to study if life possible on icy Jupiter moon
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- China insists won't renounce 'use of force' to take Taiwan as drills end
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- Italy begins landmark migrant transfers to Albania
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Russia using gold to evade sanctions, warns UK
The UK's National Crime Agency (NCA) on Wednesday issued a red alert to the financial sector warning that Russia was using gold to evade sanctions imposed after it invaded Ukraine.
The NCA said deliberate attempts were being made "to launder sanctioned gold to mask its origin so that it can be hidden in supply chains and sold in the UK and around the world".
Gold exported from Russia since July 2022 is "increasingly being shipped to countries that do not apply sanctions on Russian gold," said the agency, which tackles serious, organised and international crime.
It can then be melted down and recast or refined, hiding its origins.
As a result, the UK said on Wednesday that it had placed 29 new sanctions on "individuals and entities operating in and supporting Russia's gold, oil and strategic sectors".
Those targeted include a United Arab Emirates-based network that the Foreign Commonwealth and Development Office says is responsible for channelling more than $300 million in gold revenues to Russia.
The UK has also sanctioned two of Russia's largest gold producers, Nord Gold PLC and Highland Gold Mining Limited, along with Russian oligarchs Vladislav Sviblov and Konstantin Strukov.
Gold is a one of the largest income streams for Russia's war effort after oil and gas, and was worth £12.6 billion ($15.5 billion) to the Russian economy in 2021.
"This alert will aid efforts, in partnership with the regulated sector, including the banks and high value dealers, to ensure that sanctioned individuals or those who represent them cannot use gold to circumvent UK sanctions," said Adrian Searle, director of the National Economic Crime Centre at the NCA.
The London Bullion Market Association (LBMA) accredits gold refineries around the world and sets the standards for what constitutes "London Good Delivery" gold -- the de facto global standard.
LBMA accredited refineries account for up to 92 percent of annual global mined gold production.
A.Mahlangu--AMWN