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UK Sanctions 137 Targets to Cut Putin’s Oil Revenues and Dismantle Shadow Fleet
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The UK ramped up its pressure on Russia’s energy sector with a fresh set of sanctions aimed at crippling Russian leader Vladimir Putin’s oil industry and disrupting his illicit shadow fleet operations on July 21.
A total of 137 new sanctions were announced, directly targeting Putin's energy sector and financial sources that fund his illegal war against Ukraine.
The new sanctions are designed to disrupt the flow of vital oil revenues that fuel Russia's war efforts. The UK’s action coincides with the EU’s recent decision to lower the Crude Oil Price Cap, a move that will further strangle the flow of cash into Putin's war chest, as stated on the UK Government website.
A significant part of the new sanctions targets shadow fleet, which has been used to illicitly transport Russian oil. 135 oil tankers linked to the shadow fleet are now under sanctions. These vessels have been responsible for illegally transporting $24 billion worth of oil cargo since the beginning of 2024, according to a UK government press release.
The sanctions also extend to companies that enable these operations, including INTERSHIPPING SERVICES LLC, which registers the shadow fleet's vessels under the Gabonese flag. These vessels are estimated to transport up to $10 billion worth of goods for Russia annually.
LITASCO MIDDLE EAST DMCC, a firm with ties to Russian oil giant Lukoil, is also targeted for its involvement in moving large volumes of Russian oil using these illicit tankers.
Foreign Secretary David Lammy emphasized the significance of today’s sanctions, stating that each action taken against Russia’s oil industry is another step toward securing peace in Ukraine.
“New sanctions will further dismantle Putin’s shadow fleet and drain Russia’s war chest of its critical oil revenues,” Lammy said.
He also made it clear that the UK would continue using its sanctions regime to put economic pressure on Russia until a peaceful resolution is reached.
“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,” he added.
The latest sanctions show the UK's ongoing commitment to using economic pressure to undermine Putin’s war machine. Since 2022, Western sanctions have resulted in a sharp decline in Russia’s oil and gas revenues, with losses of more than a third of its value over the past three years, UK government press release states.
The press release also claims that, as a result, Russia’s economy is stagnating, facing rising inflation and a ballooning defense budget.
Today’s measures, combined with the recent price cap reduction, are designed to hit the heart of Russia’s oil revenues, further isolating the Kremlin and pushing for an end to Russian invasion of Ukraine.
Earlier, it was reported that Russia has conducted its first documented naval military escort of sanctioned tankers through the English Channel, signaling a shift in its approach to maritime sanctions enforcement.
