- UK announces 137 sanctions targeting Putin's critical energy
and oil sectors.
- New sanctions will disrupt the flow of oil money into Putin's
war chest and strand more of his beleaguered shadow fleet.
- Today's action comes as the UK and EU lowered the Crude Oil
Price Cap further disrupting the flow of oil money into Putin's
war chest.
The 137 targets strike at the heart of Russia's energy sector,
restricting Putin's access to key oil revenues bankrolling his
illegal war in Ukraine.
The new sanctions further crack down on Putin's shadow fleet
operations, targeting 135 oil tankers which form part of the
fleet responsible for illicitly carrying $24 billion worth of
cargo since the start of 2024.
Today's action also tightens the net around those enabling
Russia's illicit shadow fleet oil trade, hitting INTERSHIPPING
SERVICES LLC, responsible for registering shadow fleet vessels
under the banner of the Gabonese flag, resulting in these vessels
transporting up to $10 billion worth of goods on behalf of
the Russian state per year. Sanctions also target LITASCO MIDDLE
EAST DMCC, which is linked to Russian oil major Lukoil, for its
ongoing role in moving large volumes of Russian oil on shadow
fleet vessels.
Every attack we launch against Russia's critical oil industry is
another step towards securing a lasting peace in Ukraine, and a
step towards security in the UK and beyond. Keeping the country
safe is this government's priority and is an integral part of the
Prime Minister's Plan for Change.
Foreign Secretary 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.
This announcement further demonstrates the UK's tough approach to
those who continue to prop up Putin's oil industry, enable his
shadow fleet operation and aid and abet his illegal war in
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. Sanctions and the cost of Putin's
barbaric war are causing the Russian economy to stall – with the
wealth fund hollowed out, inflation rising and government spend
on defence and security spiralling.
Today's action comes as the UK and EU lowered the Crude Oil Price
Cap disrupting the flow of oil money into Putin's war chest and
striking at the heart of his oil revenues.
Background
- A full list of today's targets can be found here
