The UK government on Tuesday imposed sanctions on a Nigerian financial services and investment company, Pilot Finance Limited, and other foreign networks that it says are aiding Russia’s “illegal” war in Ukraine.
London announced the measures on Tuesday in a new “sanctions package” aimed at weakening Russia’s ability to sustain its war in Ukraine by targeting its support networks.
It said the financial institution, headquartered at Equity Union House, 11 CIPM Avenue, CBD, Alausa, Ikeja, Lagos, helped Moscow move funds illegally through a financial network.
According to the UK government, Pilot Finance Limited has links with A7, a Russia-based transborder payments network, which it said helped Moscow circumvent international sanctions imposed over its 2022 invasion of Ukraine.
Secretary of State Yvette Cooper said there were “reasonable grounds” to suspect that the firm, founded in July 1988 and licensed by the Central Bank of Nigeria (CBN) as a bureau de change in 1989, benefited from and supported Russia’s war in Ukraine.
“The secretary of state considers that there are reasonable grounds to suspect that Pilot Finance Limited is or has been involved in obtaining a benefit from or supporting the government of Russia by providing financial services or making available funds, economic resources, goods, or technology to a person, namely A7 Limited Liability Company, which is carrying on business in a sector of strategic significance to the government of Russia,” the statement said.
Checks by KeepLoss indicated that the Nigerian firm, with Akinwande Akinola as the director and Owa Olomola as the secretary, also has a branch in Abuja.
The sanctions against Pilot Finance Limited include an asset freeze, the disqualification of Mr Akinola as the company’s director, and trust services sanctions.
The company could not be immediately reached for comment.
The government noted sanctions on the “shadow fleet”—old ships used to transport oil and evade sanctions imposed over its 2022 invasion of Ukraine—including over 20 tankers, with new powers introduced last month.
Similarly, individuals suspected of aiding Russian President Vladimir Putin’s “illicit oil trade” and insurers would face actions.
London stated that more than 600 Russian “shadow fleet” and LNG vessels have now been sanctioned. Over 500 individuals, organisations and ships have been sanctioned in 2026.
The new sanctions also target some organisations in third countries that provide Russia with military-related technology.
Prime Minister Keir Starmer said the sanctions target those helping Russia to sustain the war, thereby threatening security in Europe.
He added, “Working with our G7 allies, we will continue to increase the pressure on Putin and his circle of collaborators until Russia’s war machine is brought to a halt and peace returns to our continent.”