UK Sanctions 30 Ships in Russia's Shadow Fleet to Cut Oil Revenues

Nov 25, 2024, 01:16 PM

The UK government has imposed its largest-ever sanctions package against Russia's 'shadow fleet', targeting 30 ships involved in transporting oil and petroleum products worth billions of dollars. Foreign Secretary David Lammy announced this move ahead of a G7 foreign ministers' meeting in Italy, aiming to disrupt Russia's oil revenues which fund its war efforts in Ukraine. The sanctions also include Russian insurance firms AlfaStrakhovanie and VSK. This action raises the total number of sanctioned tankers to 73, more than the U.S. and EU combined, with half of the newly sanctioned ships having transported over $4.3 billion worth of oil and oil products in the past year.