The UK has imposed sanctions on 29 individuals and entities in Russia’s gold and oil sectors, as it targets the Kremlin’s finances supporting the war in Ukraine.

Among those sanctioned were two of Russia’s largest gold producers, Nord Gold Plc and Highland Gold Mining Ltd. The two companies did not immediately respond to requests for comment.

The National Crime Agency (NCA) also issued an alert to financial institutions, warning them about Russian attempts to use gold to evade sanctions.

Meanwhile, a United Arab Emirates-based network that the Government said was responsible for channelling more than $300 million in gold revenues to Russia was also sanctioned, along with the businessmen Vladislav Sviblov and Konstantin Strukov.

James Cleverly, the Foreign Secretary, said: “Today’s sanctions will hit those who have provided succour to (Russian President Vladimir) Putin by helping him to lessen the impact of our sanctions on Russian gold and oil – two critical sources of revenue for the Russian war machine.”

Adrian Searle, the director of the National Economic Crime Centre at the NCA, added: “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.”

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