UK Imposes New Wave Of Sanctions On Russian Oil Sector

11/25/2024 7:07:58 PM

(MENAFN- Kuwait News Agency (KUNA)) LONDON, Nov 25 (KUNA) - Thirty ships in Russia's shadow fleet, responsible for transporting billions of pounds worth of oil and oil products in the last year alone, were sanctioned Monday by the UK.
With half of the ships targeted transporting more than USD 4.3 billion worth of crude oil and oil products like gasoline in the last 12 months, today is the largest UK package of its kind, the UK Foreign Office said in statement.
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.
The 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.
The UK Foreign Office said that oil revenues are a crucial source of funding for the Kremlin's illegal war in Ukraine.
"Russia's oil revenues are fuelling the fires of war and destruction in Ukraine," Foreign Secretary, David Lammy said.
"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 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, added the statement.
The UK argued that 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 support growth.
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.
During the G7 summit, David Lammy urged 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 discussed how to co-ordinate with European countries on illegal and legal migration, following a separate visit made by the Prime Minister in September to discuss combatting illegal migration with his Italian counterpart Giorgia Meloni. (end)
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