The UK Government has announced a new series of sanctions specifically targeting Russia’s “shadow fleet” of oil ships, marking an escalation in efforts to diminish President Vladimir Putin’s financial capacity to sustain the ongoing conflict in Ukraine. Prime Minister Rishi Sunak emphasized that the UK remains steadfast in its support for Ukraine, characterizing these sanctions as essential for restricting Putin’s ability to finance the war effort.
This recent package builds upon earlier measures, such as the May sanctions that addressed illicit arms-for-oil trades between Russia and North Korea. According to the UK government, sanctions to date have deprived Russia of assets and revenues exceeding $400 billion since February 2022.
Thursday’s announced measures align with the Russia (Sanctions) (EU Exit) Regulations 2019 and are aimed at both the shadow fleet and associated logistics. These targets include suppliers of munitions, machine tools, microelectronics, and logistics, particularly those based in countries such as China, Israel, Kyrgyzstan, and Türkiye. Additionally, two vessels identified as transporting military goods from North Korea to Russia are also included in the sanctions.
The latest actions also focus on core financial institutions within Russia, including the Public Joint Stock Company Moscow Exchange Group, PJSC SPB Exchange, Joint Stock Company National Settlement Depository, and Central Counterparty National Clearing Centre. Moreover, the sanctions encompass Yuri Olegovich Denisov, chairman of the Moscow Exchange board.
In a definitive statement on the matter, Prime Minister Sunak remarked, “The UK will always stand shoulder to shoulder with Ukraine in its fight for freedom. Today we are once more ramping up economic pressure through sanctions to bear down on Russia’s ability to fund its war machine. Putin must lose, and cutting off his ability to fund a prolonged conflict is absolutely vital.”
Full details of the sanction package can be viewed on the UK Government’s official announcement. Additional context on the impact and previous sanctions is available via JURIST.