The UK sanctions Nigerian payment firm Pilot Finance over alleged Russia-linked transactions raising scrutiny and business risks.
The United Kingdom has sanctioned Nigerian payment company Pilot Finance over alleged Russia-linked transactions. The firm, also known as Continental Global Incentives, was named in a new UK sanctions package announced on Tuesday.
According to British authorities, the company helped facilitate financial activities linked to Russia’s efforts to bypass international sanctions. As a result, Pilot Finance joined a list of 70 entities and individuals targeted by the latest measures.
Meanwhile, the UK said the sanctions are designed to weaken networks supporting Russia’s war in Ukraine. Speaking on the latest package, British Deputy High Commissioner to Nigeria, Gill Lever, explained the government’s position.
She said, “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.” She added that the measures include action against suppliers of military goods and “financial actors facilitating illicit transactions.”
Pilot Finance operates a cross-border payment platform that offers international money transfers, foreign exchange processing, and supplier payments across multiple countries. However, UK authorities believe the company played a role in sanctions evasion activities.
Lever stated, “This includes the designation of an entity, Pilot Finance (also known as Continental Global Incentives), linked to sanctions evasion activity in Nigeria.” She further alleged that “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.”
The development comes as Western countries continue to tighten restrictions on Russia over the ongoing war in Ukraine. Under UK sanctions rules, any assets linked to Pilot Finance within British jurisdiction can be frozen.
In addition, UK businesses and financial institutions are prohibited from dealing with the company unless officially authorised. Beyond these restrictions, the designation could attract greater scrutiny from international banks, regulators, and business partners.
As of the time of reporting, Pilot Finance had not publicly responded to the allegations or the UK government’s decision.
