Shipping Telegraph: UK sanctions 135 shadow fleet tankers to ‘drain Russia’s war chest’ against Ukraine

TBritain on Monday imposed new sanctions on Russia’s so-called “shadow fleet,” targeting 135 oil tankers which form part of the fleet responsible for illicitly carrying $24bn worth of cargo since the start of 2024 and two entities.  

The sanctioned shipping companies are accused of transporting up to $10bn worth of goods on behalf of the Russian state per year and moving large volumes of Russian oil on shadow fleet vessels.

The latest action “tightens the net” around those enabling Russia’s illicit shadow fleet oil trade, the UK government said in its statement.

The fresh set of sanctions which the government claims will ramp up pressure on Russia’s critical oil industry and “shadow fleet operation”, draining its “war chest” against Ukraine, hits two shipping companies, 135 oil tankers, and the Russian energy-oil sector (with 137 targets), restricting Putin’s access to key oil revenues bankrolling his war in Ukraine. 

UK’s foreign secretary David Lammy said: “New sanctions will further dismantle Putin’s shadow fleet and drain Russia’s war chest of its critical oil revenues. 

“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.”   

To date western sanctions have resulted in Russia’s oil and gas revenues falling every year since 2022, losing over a third of its value in three years, according to the UK government.

Monday’s action comes as the UK and EU lowered the price cap for crude oil from $60 to $47.6 per barrel, to align it with current global oil prices.

The UK joined the move to lower the price cap, with Chancellor of the Exchequer Rachel Reeves saying the country and its EU allies are “turning the screw on the Kremlin’s war chest.” 

They come as European allies hope to ratchet up the pressure on Russia to bring the three-year-long war in Ukraine to an end.

The UK is taking decisive action to cut off Putin’s oil supply pipeline and has to date sanctioned many ships responsible for transporting Russian energy.

British foreign secretary David Lammy announced the UK was joining the EU price cap sanction, saying they were “striking at the heart of the Russian energy sector.”