UK strikes at the heart of Russian energy revenues funding Putin’s war
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The UK has today unleashed the largest package of sanctions to date
against Putin's shadow fleet of oil tankers.18 more shadow fleet
ships will be barred from UK ports and unable to access
world-leading British maritime services, bringing the total number
of oil tankers sanctioned to 43. The shadow fleet seeks to
undermine sanctions and poses a clear and present danger.
Environmental risks, such as oil spills, on our coastlines as a
result of its flagrant violation of...Request free trial
The UK has today unleashed the largest package of sanctions to date against Putin's shadow fleet of oil tankers.18 more shadow fleet ships will be barred from UK ports and unable to access world-leading British maritime services, bringing the total number of oil tankers sanctioned to 43. The shadow fleet seeks to undermine sanctions and poses a clear and present danger. Environmental risks, such as oil spills, on our coastlines as a result of its flagrant violation of basic safety standards, but also risks to the security of global trade – the lifeblood of economic growth. At the European Political Community Summit in July, the Prime Minister announced the shadow fleet call to action. Today the US and Canada have joined 44 European countries plus the EU in working together to tackle the risks posed by the shadow fleet. The UK's relentless action against the shadow fleet is putting grit into the system and starving Putin's war machine of crucial revenues. The oil tankers targeted today have transported an estimated $4.9 billion in the last year alone. A significant number of the ships targeted by the UK to date have been forced to sit idling uselessly outside ports across the world, unable to continue pouring money into Putin's war chest. Sovcomflot, Russia's largest shipping company, has been left desperately scrambling to rename and offload its vessels to dodge UK sanctions. Today we have targeted even more of its ships, further turning the screw on the mechanisms the Kremlin uses to fund its illegal war. Alongside action against the shadow fleet, the UK is sanctioning 4 more LNG tankers and Russian gas company Rusgazdobycha JSC. We are continuing to ratchet up pressure on the beleaguered Russian gas industry, with flagship company Gazprom posting a significant net loss of $6.9 billion in 2023 - its first annual loss in more than 20 years. Foreign Secretary, David Lammy said: We must combat malign Russian activity at every turn, whether illicit tactics to bolster Putin's war chest, their use of cyber-attacks or barbarism on the front line in Ukraine. The UK is leading the charge against Putin's desperate and dangerous attempts to cling on to his energy revenues, with his shadow fleet placing coastlines across Europe and the world in jeopardy. I have made it my personal mission to constrain the Kremlin, closing the net around Putin and his mafia state using every tool at my disposal. This new shadow fleet package comes in the weeks following recent UK actions to sanction both Russian cyber-crime gang Evil Corp, and Russian troops found to be using chemical weapons on the front lines in Ukraine. It represents the latest in a drumbeat of activity, with each package designed to target a distinct aspect of Russia's malign behavior and reinforce the UK's commitment to global security and the rule of law. Background Sanctioned today are:
Today's announcement comes as the United States and Canada have united in support of the European Political Community (EPC) Call to Action , demonstrating their shared determination to address the risks that the shadow fleet poses to the environment, maritime safety and security in Europe and beyond, the integrity of international seaborne trade, and respect for international maritime law. Separately, the UK is taking steps to combat malign, Russian-backed maritime activity near the UK:
Ships specified under the Russia (Sanctions) (EU Exit) Regulations 2019 are prohibited from entering a port in the UK, may be given a movement or a port entry direction, can be detained, and will be refused permission to register on the UK Ship Register or have its existing registration terminated. In addition, the Oil Price Cap exception is not applicable to services in relation to specified ships, or to the supply or delivery of Russian oil or oil products in specified ships The Office for Financial Sanctions Implementation has published guidance on the Russian Oil Services ban. Limited exceptions apply and licences may be granted for specified ships, as set out in Part 7 of the Russia (Sanctions) (EU Exit) Regulations 2019 |