The UK has imposed sanctions on 10 ships believed to be part of Russia’s shadow fleet, which transports oil and funds Moscow’s war efforts. These ships are described as “high-volume offenders” that have collectively carried more than $45bn worth of Russian oil since the invasion of Ukraine began. The UK foreign secretary, David Lammy, stated that these sanctions will further undermine Russia’s ability to trade oil via its shadow fleet and send a message of solidarity with Ukraine.
This action is part of the UK’s commitment to disrupting Putin’s war machine and counteracting Russian attempts to evade economic sanctions. The G7 has also agreed to block insurance to ships selling oil above a cap of $60 a barrel, but the shadow fleet has grown to bypass this policy. Analysts believe a small number of ships are at the core of the operation.
The UK’s efforts have already deprived Russia of more than $400bn in assets and revenues since February 2022, equivalent to four more years of funding for the invasion. The total number of shadow fleet ships targeted now stands at 25, and more than 2,000 individuals and entities have been sanctioned under the UK’s Russia sanctions regime.
These sanctioned ships will be prohibited from entering UK ports, given movement or port entry directions, detained, and refused permission to register on the UK ship register. The UK continues to work alongside its partners to disrupt Russia’s illicit economic system and stand in solidarity with Ukraine.
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