The United Kingdom has imposed a major new round of sanctions targeting Russia’s so-called 'shadow fleet'—a network of 135 oil tankers and two associated companies used to secretly transport Russian oil and evade existing international restrictions.
These measures are designed to cut off billions in oil revenue that Russia uses to fund its war in Ukraine. The sanctions also target entities facilitating the operation of these vessels, including a Dubai-based trading arm of Lukoil and a UAE-based shipping company. The move is part of a broader Western effort, in coordination with the EU, to disrupt Russia’s ability to bypass sanctions and sustain its energy exports.
Analysts say the crackdown could have significant impacts on global shipping and insurance markets, as well as on Russia’s war chest.
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