New UK sanctions target Russia’s gold and oil sectors
The UK government has imposed sanctions on 29 individuals and entities that it says are operating in and supporting Russia’s gold, oil and strategic sectors. Those sanctioned include Russia’s largest gold refiner, Russian oligarchs and, perhaps most significantly, international networks propping up the country’s gold,…
Glencore agrees to pay over US$1.1 billion for commodity price manipulation scheme and FCPA violations
Glencore Ltd, a member of the multi-national commodity trading and mining firm headquartered in Switzerland, has pleaded guilty and agreed to pay US$485 million to resolve the US government’s investigations into a commodity price manipulation scheme. Separately but at the same time, Glencore International AG…
Malign Russian activities could lead Washington to impose more sanctions on participants in Africa’s natural resource trade
Washington is preparing to expose and contain what it sees as “malign Russian activities” in Africa’s oil, gas and mining sectors in which individuals and entities connected with Russian President Vladimir Putin appear to be playing an increasingly big role. If it is signed into…
NEITI focuses on beneficial ownership as it gains traction with Nigeria’s legislators
The Nigeria Extractive Industries Transparency Initiative (NEITI) says its engagement with legislators in the national assembly is gaining traction as it seeks to persuade them to frame laws that curb financial crime, terrorist financing and illicit financial flows involving the country’s oil and gas assets….
London, Zurich and New York helping shell companies embezzle oil and mineral resources
Sophisticated financial services and legal specialists in the Global North are instrumental in facilitating the “systematic looting” of the Global South according to a founder of the Tax Justice Network. In a comprehensive article published by the New Internationalist media organisation, John Christensen argues that…
