Nov 26, 2024 (MENAFN via COMTEX) --
(MENAFN) The UK has unveiled a fresh round of sanctions aimed at reducing Russia's energy income by targeting approximately 30 oil tankers, which are part of what is known as Russia's "shadow fleet." This fleet consists of vessels that use deceptive practices to smuggle goods under sanctions. According to the UK government, these ships were responsible for transporting over $4.3 billion worth of oil and related products in the past year, bringing the total number of sanctioned oil tankers to 73. This move underscores the UK's leadership in combating the shadow fleet and represents the most extensive effort by any country to target these vessels. The sanctioned ships primarily include Russia-flagged tankers, as well as those registered in Panama and Gabon, along with two insurance companies involved in these shipments.
These sanctions are part of a broader Western strategy to undermine Russia's economy amid its ongoing conflict in Ukraine. The UK government previously imposed a price cap and an embargo on Russian seaborne oil in December 2022, followed by restrictions on petroleum products in February 2023. These measures were intended to restrict Russia's energy revenues while preventing global price spikes. However, Moscow has circumvented these efforts by rerouting its oil exports, particularly to China and India, with many shipments sold above the price cap. Despite these challenges, the UK is committed to maintaining pressure on Russia, as evidenced by UK Foreign Secretary David Lammy's upcoming discussions at the G7 meeting, where he will seek continued support for Ukraine and further action against Russia. Meanwhile, Russia's energy revenues continue to rise, with oil exports seeing a 63% increase this year, reaching a total of 6.4 trillion rubles ($62 billion).
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COMTEX_460222431/2604/2024-11-26T21:16:50
