May 12, 2025 (MarketLine via COMTEX) --
New sanctions will target around 100 vessels thought to transport restricted gas and oil.
The UK government has announced what it described as the "largest ever sanctions package targeting [Russia's] shadow fleet," with 100 ships under its reach.
Although the new sanctions are a UK government device, Prime Minister Keir Starmer positioned the policy as close to the European Joint Expeditionary Force - a group of nations supporting Ukraine against the Russian invasion.
Although details of the sanctions regime have not been made public, the Downing Street statement mentioned 100 ships and $24 billion worth of cargo to be targeted.
"The shadow fleet operation, masterminded by PutinaEUR(TM)s cronies, is not just bankrolling the KremlinaEUR(TM)s illegal war in Ukraine - the fleetaEUR(TM)s languishing vessels are known to be damaging critical national infrastructure through reckless seafaring in Europe," it added.
Undersea pipelines and digital communication cables have been damaged on several occasions since the invasion of Ukraine in 2022. The Baltic Sea has become a northern frontline in the conflict, with a number of suspected sabotage events putting NATO and national governments on edge.
The English Channel, North Sea, Kattegat, and Baltic are key areas of concern for the JEF, whose members include Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, Netherlands, Sweden and the UK.
Shadows and sanctionsThe UK government explained: "Thanks to Western sanctions, RussiaaEUR(TM)s oil and gas revenues have fallen every year since 2022 aEUR" losing over a third of its value in three years."
Oil and gas exports are key to the Russian economy, so sanctioning the industry and banning imports has been seen as a key strategy in stopping the war in Ukraine.
"The threat from Russia to our national security cannot be underestimated, that is why we will do everything in our power to destroy his shadow fleet operation, starve his war machine of oil revenues and protect the subsea infrastructure that we rely on for our everyday lives," Prime Minister Starmer said.
Starmer's office said the government is expected to make further financial moves to target those who make money directly from the shadow fleet's activities, although this will be difficult due to the opaque nature of the fleet and its ownership.
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