The UK government has announced a sweeping new package of 137 sanctions aimed at crippling Russia’s energy revenues and disrupting President Putin’s so-called shadow fleet used to move oil covertly across the globe.
The latest sanctions, announced by the Foreign, Commonwealth & Development Office and Foreign Secretary David Lammy, strike at the core of Russia’s oil and gas industry.
The move includes restrictions on 135 oil tankers that have transported around $24 billion in illicit cargo since the start of 2024.
The government also took aim at key enablers of Russia’s shadow fleet, including INTERSHIPPING SERVICES LLC, which registers vessels under the Gabonese flag, facilitating the transport of up to $10 billion in goods annually.
LITASCO MIDDLE EAST DMCC, linked to Russian oil giant Lukoil, was also sanctioned for its ongoing role in moving Russian oil on shadow fleet tankers.
The measures coincide with the UK and EU’s joint decision to lower the Crude Oil Price Cap, tightening restrictions and aiming to reduce the Kremlin’s war revenues even further.
“New sanctions will further dismantle Putin’s shadow fleet and drain Russia’s war chest of its critical oil revenues,” said Foreign Secretary David Lammy. “As Putin continues to stall and delay on serious peace talks, we will not stand idly by. We will continue to use the full might of our sanctions regime to ratchet up economic pressure at every turn and stand side by side with Ukraine.”
The government stated the sanctions are part of the Prime Minister’s broader Plan for Change and reaffirm its commitment to Ukraine and global security.
Since 2022, Western sanctions have caused Russia’s oil and gas revenues to fall by more than a third, with rising inflation, a hollowed-out wealth fund and surging defence spending further straining the country’s economy.
UK targets Russia’s oil revenues with sweeping new sanctions appeared first on Energy Live News.