UK Imposes Sanctions on 135 Russian Oil Tankers and Two Shipping Companies
The United Kingdom imposed new sanctions on July 21, 2023, targeting 135 Russian oil tankers and two shipping companies linked to Russia’s shadow fleet. According to the U.K. government, the tankers have secretly transported $24 billion worth of oil since the start of 2023.
One of the two companies now under sanctions is tied to Lukoil, one of Russia’s largest oil producers. The move follows the U.K.’s July 18 decision to join an EU initiative to lower the price cap on Russian seaborne oil exports to $47.6 per barrel, down from the original $60 cap.
Sanctions Aimed at Disrupting Russia’s War Efforts
The British government said Western sanctions have already slashed Russia’s oil and gas revenues by one-third since 2022, with further measures aimed at constraining Moscow’s ability to fund its full-scale war against Ukraine. “New sanctions will further dismantle Putin’s shadow fleet and drain Russia’s war chest of its critical oil revenues,” U.K. Foreign Secretary David Lammy said.
London said it would continue leveraging its sanctions regime to increase pressure on the Kremlin while standing “side by side with Ukraine.” The move is seen as a significant escalation in the West’s efforts to economically isolate Russia and limit its ability to fund its military operations in Ukraine.
Shadow Fleet Continues to Operate Under Western Radar
Russia has continued to export oil by using a so-called shadow fleet of tankers that operate under opaque ownership, flags of convenience, and often without proper insurance, allowing them to sidestep Western enforcement mechanisms. The British government said it would continue working with international partners to disrupt the shadow fleet’s operations and prevent Russia from circumventing sanctions.
The U.K.’s move is seen as a key development in the global effort to contain Russia’s energy exports and limit its ability to fund its military activities. As the conflict in Ukraine continues, Western countries are likely to maintain pressure on Russia through economic sanctions and diplomatic efforts.
Original Article: UK sanctions 135 Russian oil tankers, 2 firms linked to shadow fleet — Kyivindependent