- UK announces 137 sanctions targeting Putin’s critical energy and oil sectors.
- New sanctions will disrupt the flow of oil money into Putin’s war chest and strand more of his beleaguered shadow fleet.
- Today’s action comes as the UK and EU lowered the Crude Oil Price Cap further disrupting the flow of oil money into Putin’s war chest.
The 137 targets strike at the heart of Russia’s energy sector, restricting Putin’s access to key oil revenues bankrolling his illegal war in Ukraine.
The new sanctions further crack down on Putin’s shadow fleet operations, targeting 135 oil tankers which form part of the fleet responsible for illicitly carrying $24 billion worth of cargo since the start of 2024.
Today’s action also tightens the net around those enabling Russia’s illicit shadow fleet oil trade, hitting INTERSHIPPING SERVICES LLC, responsible for registering shadow fleet vessels under the banner of the Gabonese flag, resulting in these vessels transporting up to $10 billion worth of goods on behalf of the Russian state per year. Sanctions also target LITASCO MIDDLE EAST DMCC, which is linked to Russian oil major Lukoil, for its ongoing role in moving large volumes of Russian oil on shadow fleet vessels.
Every attack we launch against Russia’s critical oil industry is another step towards securing a lasting peace in Ukraine, and a step towards security in the UK and beyond. Keeping the country safe is this government’s priority and is an integral part of the Prime Minister’s Plan for Change.
Foreign Secretary David Lammy said:
New sanctions will further dismantle Putin’s shadow fleet and drain Russia’s war chest of its critical oil revenues.
As Putin continues to stall and delay on serious peace talks, we will not stand idly by. We will continue to use the full might of our sanctions regime to ratchet up economic pressure at every turn and stand side by side with Ukraine.
This announcement further demonstrates the UK’s tough approach to those who continue to prop up Putin’s oil industry, enable his shadow fleet operation and aid and abet his illegal war in Ukraine.
To date western sanctions have resulted in Russia’s oil and gas revenues falling every year since 2022 – losing over a third of its value in three years. Sanctions and the cost of Putin’s barbaric war are causing the Russian economy to stall – with the wealth fund hollowed out, inflation rising and government spend on defence and security spiralling.
Today’s action comes as the UK and EU lowered the Crude Oil Price Cap disrupting the flow of oil money into Putin’s war chest and striking at the heart of his oil revenues.
Background
- A full list of today’s targets can be found here
