The United Kingdom has announced a major new wave of sanctions targeting Russia’s so-called 'shadow fleet'—a network of oil tankers used to secretly export Russian oil and evade existing international restrictions.
The sanctions hit 135 tankers and two companies, including a Dubai-based trading arm of Lukoil, aiming to disrupt $24 billion in oil exports since early 2024. These measures are designed to choke off vital oil revenues that fund Russia’s war effort in Ukraine and to clamp down on the networks and facilitators enabling these illicit shipments. The move is part of a broader Western effort, with the EU also targeting operators and flag registries linked to the shadow fleet.
Analysts say the crackdown could have significant impacts on global shipping and insurance markets, while raising the stakes for Russia’s ability to finance its ongoing war.
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