UK Unleashes Barrage of 137 Sanctions Targeting Russia’s Energy Lifeline and Shadow Fleet
Teh United Kingdom has intensified its economic pressure on Russia with a important new wave of 137 sanctions, directly targeting the Kremlin’s critical energy and oil sectors. This decisive action aims to cripple Vladimir Putin‘s ability to fund his ongoing war in Ukraine by disrupting oil revenues and dismantling his illicit “shadow fleet.”
The newly imposed measures strike at the core of Russia’s oil industry, aiming to sever the flow of vital income that fuels Putin’s military operations. Concurrently, the sanctions are designed to further incapacitate the shadowy network of oil tankers responsible for circumventing international restrictions.Since the beginning of 2024 alone, these shadow fleet vessels have been implicated in the illicit transport of an estimated $24 billion worth of cargo.
Adding to the pressure, the UK, in conjunction with the European Union, has recently lowered the Crude Oil Price Cap, further squeezing Russia’s oil-derived income.This coordinated effort is a direct blow to Putin’s war chest, disrupting the financial resources necessary for his aggression.
The latest sanctions specifically target 135 oil tankers that are part of the shadow fleet. Furthermore, the UK has clamped down on entities facilitating this illicit trade. INTERSHIPPING SERVICES LLC, identified as responsible for registering shadow fleet vessels under the Gabonese flag, has been sanctioned.These vessels, under this flag, have been instrumental in transporting up to $10 billion worth of goods annually on behalf of the Russian state. LITASCO MIDDLE EAST DMCC, an entity linked to the Russian oil giant lukoil, also faces sanctions for its continued involvement in moving substantial volumes of Russian oil via shadow fleet operations.
Foreign Secretary David Lammy emphasized the strategic importance of these measures, stating, “New sanctions will further dismantle Putin’s shadow fleet and drain Russia’s war chest of its critical oil revenues.” he added,”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.”
These actions underscore the UK’s unwavering commitment to isolating Russia’s oil industry, dismantling its shadow fleet, and penalizing those who enable putin’s illegal war. Western sanctions have already taken a significant toll on Russia’s economy, with oil and gas revenues reportedly declining annually since 2022, representing a loss of over a third of their value in three years. the cumulative impact of sanctions and the financial burden of the war are reportedly causing the Russian economy to stagnate, depleting its wealth fund, driving inflation, and escalating government expenditure on defense and security.
