On November 25, the United Kingdom imposed sanctions on thirty ships in Russia’s shadow fleet, which had been responsible for transporting billions of pounds worth of oil and oil products over the past year. This marks the largest UK sanction package of its kind, with half of the targeted ships having transported over $4.3 billion worth of oil and oil products, including gasoline, in the last year alone.
These sanctions aim to further restrict the Kremlin’s ability to finance its illegal war in Ukraine and its malign activities globally. The move brings the total number of oil tankers sanctioned by the UK to 73, surpassing any other nation, showcasing the UK’s leadership in addressing the shadow fleet.
Prime Minister Keir Starmer announced this UK-led call to action against the shadow fleet at the European Political Community summit in July, and it has since gained the support of 46 countries and the EU.
The Foreign Secretary, David Lammy, highlighted the significance of this announcement at the G7 Foreign Ministers meeting in Italy, urging other nations to maintain pressure on Russia while increasing military and financial support for Ukraine.
Oil revenues are a vital source of funding for the Kremlin’s illegal war in Ukraine. The shadow fleet poses significant risks to global trade due to deceptive shipping practices and environmental dangers, such as the increased likelihood of catastrophic oil spills from tankers that ignore basic safety standards.
Restricting these revenues by targeting the companies that insure these vessels is crucial for maintaining global security, degrading the Kremlin’s war machine, clearing shipping lanes of unsafe traffic, and protecting international trade.
David Lammy stated, “Russia’s oil revenues are fuelling the fires of war and destruction in Ukraine. I will work with our G7 partners and beyond to exert relentless pressure on the Kremlin, disrupt the flow of money into its war chest, erode its military machine, and constrain its malign behavior worldwide.”