UK Strikes at Russia’s Shadow Fleet with Sweeping New Sanctions

The United Kingdom has imposed a new round of sanctions aimed squarely at Russia’s shadow fleet and its oil revenue stream, intensifying economic pressure on the Kremlin.

The Gaze reports this, referring to a statement made by the UK government.

The British government announced sanctions against 137 targets, including 135 oil tankers used to secretly transport Russian oil, and two companies facilitating these operations. 

The move comes in coordination with the European Union, following last week’s joint decision to lower the crude oil price cap.

British authorities said the sanctioned vessels have helped move an estimated $24 billion worth of Russian oil since the beginning of 2024. 

The latest measures are designed to “strand more of Putin’s beleaguered shadow fleet” and deprive Moscow of critical energy revenues used to fund its invasion of Ukraine.

Two firms have also been sanctioned for their roles in supporting Russia’s covert oil trade. INTERSHIPPING SERVICES LLC, which registered many of the vessels under the Gabonese flag, is believed to have enabled the transportation of up to $10 billion in Russian state-affiliated oil each year. 

LITASCO MIDDLE EAST DMCC, a company linked to Russian oil giant Lukoil, was also targeted for its ongoing involvement in shadow fleet logistics.

“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,” said UK Foreign Secretary David Lammy. 

According to the UK government, Western sanctions have already led to a one-third drop in Russia’s oil and gas revenues since 2022. 

The sanctions, coupled with mounting military expenditures, have weakened Russia’s wealth fund and exacerbated inflation.

As The Gaze reported earlier, on July 18, the EU has officially adopted its 18th package of sanctions against Russia, with EU High Representative for Foreign Affairs Kaja Kallas calling it “one of the most powerful ever imposed on the Russian Federation.”