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UK imposes first sanctions on Russia’s shadow fleet oil tankers

Tan KW
Publish date: Thu, 13 Jun 2024, 09:46 PM
Tan KW
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The UK announced wide-ranging sanctions on Russia, including a first attempt to clamp down on a shadow-fleet of tankers transporting the Kremlin’s oil and a key Moscow-based insurance company.

The measures target four oil tankers that are helping Russia to evade western sanctions, as well as Ingosstrakh Insurance Co, an important provider of cover against risks including oil spills and collisions. In total, 50 entities and individuals were identified in a statement from the UK government, which said it’s aiming to cut off funding for the war in Ukraine.

The sanctions also target suppliers of munitions, machine tools and logistics to Russia’s military, including entities based in China, Israel, Kyrgyzstan and Türkiye, along with ships which transport military goods from North Korea to Russia.   

It also targets the Moscow Stock Exchange, in coordination with the US. The British move follows similar actions by the US and upcoming European Union (EU) restrictions, and the UK said the steps were taken in coordination with other Group of Seven (G7) nations. The EU has proposed sanctioning about a dozen ships, Bloomberg previously reported.

The G7’s efforts are aimed at cracking down on Moscow’s ability to get around a price cap on Russian oil through the use of a shadow fleet, and to constrain the activity of vessels involved in the transport of goods generating revenue for Russia’s war machine, especially in sanctioned sectors.

The allies are also unveiling measures to better enforce trade restrictions on items found in Russian weapons or needed to build them, especially focusing on banks that are enabling transactions and foreign firms involved in the trades.


  - Bloomberg


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