The United Kingdom has imposed sanctions on a Nigerian-linked financial entity, Pilot Finance, also known as Continental Global Incentives, over allegations that it was involved in activities aimed at helping Russia evade international sanctions.
The announcement was made on Tuesday as part of a broader package of 70 new sanctions introduced by the UK government to further restrict Russia’s ability to finance and sustain its war in Ukraine.
According to the UK government, the latest measures target networks involved in military procurement, sanctions evasion, illicit financial transactions and political interference linked to the Russian state.
British authorities alleged that Pilot Finance was connected to sanctions-evasion activities in Nigeria and formed part of a wider network used to facilitate transactions on behalf of the Kremlin.
In a statement, the British Deputy High Commissioner to Nigeria, Mrs Gill Lever, said the sanctions are intended to disrupt networks that support Russia’s military operations and undermine international sanctions regimes.
“Today, the UK announced 70 new sanctions aimed at further constraining the Kremlin’s networks and its ability to prosecute its illegal war against Ukraine,” Lever said.“ These defensive, targeted measures focus on Russia’s shadow fleet, military procurement supply chains linked to Russian military intelligence, and wider illicit finance networks involved in sanctions evasion and political interference internationally.
”She noted that the sanctions package extends beyond Russia’s borders and includes action against third-country suppliers and financial actors accused of facilitating transactions that benefit the Russian government.
“Measures announced today include action against third-country suppliers of key military goods to the Russian state, as well as financial actors facilitating illicit transactions. This includes the designation of an entity, Pilot Finance (also known as Continental Global Incentives), linked to sanctions evasion activity in Nigeria,” she stated.
The UK government alleged that such entities exploit international financial systems to conduct transactions that help Russia bypass restrictions imposed by Western countries. According to Lever, organisations involved in such activities expose jurisdictions to financial and reputational risks while weakening efforts to enforce international sanctions.
“Entities such as this exploit financial systems to facilitate illicit transactions on behalf of the Kremlin, undermining the integrity of financial systems and exposing jurisdictions to reputational risk,” she said. “Our message is clear: we will continue to close loopholes, disrupt illicit networks, and restrict the resources enabling the Kremlin’s aggression.
”The UK government said the latest sanctions form part of ongoing international efforts to tighten economic pressure on Russia and prevent the use of global financial and commercial networks to support its military campaign in Ukraine.
As of the time of filing this report, there has been no public response from Pilot Finance or Continental Global Incentives regarding the allegations and sanctions.
