UK sanctions more Russian tankers

The UK has imposed a fresh set of sanctions on Russia this week, targeting the country’s critical energy and marine sectors.

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The UK government has imposed sanctions on a total of 137 Russia-linked entities, including 135 oil tankers and two companies, the country's Foreign, Commonwealth & Development Office said in a statement.

The vessels, which are allegedly a part of Russia’s shadow fleet, have facilitated illicit oil trades, circumventing the G7 oil price cap, the UK government said in a statement.

The sanctioned tankers have illicitly carried cargoes worth $24 billion since 2024, the UK government claimed. By using these poorly maintained vessels to circumvent oil sanctions, Russia has effectively traded outside the imposed price caps.

The UK has sanctioned Russian ship manager Intershipping Services for registering shadow fleet vessels under the Gabonese flag and transporting goods worth up to $10 billion.

It has further targeted Litasco Middle East DMCC – a company linked to Russian oil firm Lukoil, for moving large volumes of Russian oil via shadow fleet vessels.

Earlier this month, the European Commission adopted its 18th package of economic sanctions against the Kremlin. The Commission lowered the oil price cap on Russian crude oil and raised the total number of vessels carrying Russian oil that it sanctions to 524.

“Today’s action comes as the UK and EU lowered the Crude Oil Price Cap disrupting the flow of oil money into Putin’s war chest and striking at the heart of his oil revenues,” the UK government added.

The price cap on Russian oil, implemented by Washington and its allies (the G7 group of countries), is a strategic measure aimed at reducing Russia's export revenue. This limitation is intended to restrict the financial resources that Russia can allocate towards sustaining its military operations in Ukraine.

By Aparupa Mazumder

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