UK imposes new wave of sanctions choking Russian oil revenues with Foreign Secretary arriving in Italy for G7
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Thirty ships in Russia's shadow fleet, responsible for transporting
billions of pounds worth of oil and oil products in the last year
alone, have today been sanctioned by the UK. With half of the ships
targeted today transporting more than $4.3bn worth of oil and oil
products like gasoline in the last year alone, today is the largest
UK package of its kind. The move will
further constrain the Kremlin's ability to fund their illegal war
in Ukraine and...Request free trial
Thirty ships in Russia's shadow fleet, responsible for transporting billions of pounds worth of oil and oil products in the last year alone, have today been sanctioned by the UK. With half of the ships targeted today transporting more than $4.3bn worth of oil and oil products like gasoline in the last year alone, today is the largest UK package of its kind. The move will further constrain the Kremlin's ability to fund their illegal war in Ukraine and their malign activity worldwide, and brings the total number of oil tankers sanctioned by the UK to 73, more than any other nation - demonstrating the UK's leadership on tackling the shadow fleet. 46 countries and the EU have now signed up to the UK-led call to action against the Shadow fleet, announced by Prime Minister Keir Starmer at the European Political Community summit in July. Today's announcement comes as the Foreign Secretary uses the G7 Foreign Ministers meeting in Italy to push other countries to maintain pressure on Russia's war machine, in parallel with efforts to step up military and financial support for Ukraine. Oil revenues are a crucial source of funding for the Kremlin's illegal war in Ukraine. The shadow fleet also poses significant risks to global trade. Many of the ships engage in deceptive shipping practices and are a danger to the environment – many tankers flagrantly ignore basic safety standards, increasing the chance of catastrophic oil spills. Constraining these revenues, including by cracking down on the companies that insure these vessels, is vital for maintaining our shared security: degrading the Kremlin's war machine, clearing our shipping lanes of unsafe traffic, and protecting our international trade to make room for growth. Foreign Secretary, David Lammy said: 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 behaviour worldwide. The UK's sanctions are working, with Russia becoming increasingly reliant on states like North Korea and Iran for military hardware, even being forced to ship in North Korean troops to prop up the illegal invasion. In the last month alone we have taken decisive action to target Russia's military industrial complex through sanctions, perpetrators of Russia's forced deportation and brainwashing of Ukrainian children on 1000th day of their full-scale invasion, and private Russian mercenary companies threatening stability and security across Africa. During the G7 summit, David Lammy will also urge partners for closer G7 cooperation in securing ceasefires in the Middle East, including improving the dire humanitarian situation in Gaza, and discuss how other countries can do more to halt the human suffering being experienced by the Sudanese people. He will also discuss how to co-ordinate with European countries on illegal and legal migration. This follows a separate visit made by Prime Minister Keir Starmer in September where he spoke to his Italian counterpart on work to tackle illegal migration. And while in Italy, the Foreign Secretary will reiterate the UK's unwavering commitment to the Global Combat Air Programme, through which the UK – working with two of our closest partners – will shore up our collective defences against those who seek to do us harm. He will look ahead to the establishment of the new programme headquarters, announced by the Prime Minister last week and to be based in the UK, creating hundreds of jobs and driving economic growth. During the summit, he held bilateral meetings with senior figures including from Japan and India. Background
Those sanctioned today are: Oil Tankers:
ENTITIES:
Ships specified under the Russia (Sanctions) (EU Exit) Regulations 2019 are prohibited from entering a port in the UK, may be given a movement or a port entry direction, can be detained, and will be refused permission to register on the UK Ship Register or have their existing registration terminated. In addition, the Oil Price Cap exception is not applicable to services in relation to specified ships, or to the supply or delivery of Russian oil or oil products in specified ships. The Office for Financial Sanctions Implementation has published guidance on the Russian Oil Services ban. Limited exceptions apply and licences may be granted for specified ships, as set out in Part 7 of the Russia (Sanctions) (EU Exit) Regulations 2019. |