Britain imposes largest sanctions package against Russia’s shadow fleet

The UK government has frozen assets of two major Russian insurers while sanctioning 30 vessels involved in transporting oil worth billions.

Nov 25, 2024 - 14:00

Britain imposes largest sanctions package against Russia’s shadow fleet

uk sanctions russia's shadow fleet tankers ns bora crude oil tanker sailing under flag gabon one vessels moscow's so-called vesselfindercom (imo 9412335)

The UK imposed sanctions on 30 vessels in Russia’s shadow fleet responsible for transporting billions of pounds worth of oil and petroleum products over the past year, according to an official announcement.

A shadow fleet consists of tankers and ships that operate outside Western regulations to transport oil while evading sanctions. These vessels, often older and potentially underinsured, allow countries like Russia to continue oil exports with less transparency and oversight than conventional fleets. Except of avoiding Western sanctions, this also raises concerns about potential environmental disasters including major oil spills.

According to a Kyiv School of Economics report, Russian oil exports through the so-called shadow fleet have nearly doubled over the past year, reaching 4.1 million barrels per day.

Half of the sanctioned vessels transported oil and petroleum products worth over $4.3 billion in the last year alone. Accordign to the UK government, it marks the Britain’s largest sanctions package to date.

“This move will further restrict the Kremlin’s ability to finance its illegal war in Ukraine and its malign activity worldwide,” the government statement reports.

Britain now leads with 73 sanctioned oil tankers – more than any other country.

The announcement coincides with the British Foreign Secretary’s push at the G7 foreign ministers meeting in Italy for increased pressure on Russia’s military capabilities alongside enhanced military and financial support for Ukraine.

The UK Treasury has also sanctioned Russian companies Alfastrakhovanie and VSK Insurance House, freezing their UK assets and prohibiting transactions, as they are deemed to be “either funding the war in Ukraine or benefiting from supporting the Russian government.”

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