The United Kingdom has imposed a major new round of sanctions targeting Russia’s so-called 'shadow fleet'—a network of 135 oil tankers and two associated companies used to secretly transport Russian oil and evade existing international restrictions.
These measures are designed to disrupt the flow of oil revenues that help fund Russia’s war effort in Ukraine, with the UK government estimating that the targeted tankers have moved $24 billion worth of oil since early 2024. The sanctions also extend to shipping and trading firms linked to Russia’s energy sector, including Lukoil’s Dubai-based trading arm. This coordinated Western effort, which includes similar moves by the EU, aims to tighten enforcement and close loopholes in the sanctions regime.
Analysts note that these actions could have significant impacts on global shipping and insurance markets, as well as on Russia’s ability to finance its military operations.
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