(London) – On September 11, 2024, the UK Foreign Office announced new sanctions targeting ten Russian vessels identified as part of Russia’s “shadow fleet.” This fleet consists of older and often uninsured ships used to circumvent international sanctions imposed in 2022, aimed at reducing Moscow’s revenue from oil exports.
These sanctions are designed to prevent the affected vessels from loading oil, thereby disrupting Russia’s efforts to evade economic restrictions. The UK has now sanctioned 25 vessels involved in this covert operation. The newly sanctioned ships are considered high-volume offenders, with three of them collectively transporting over $5 billion worth of Russian oil since Russia’s full scale invasion of Ukraine began in February 2022.
The UK’s Foreign Secretary, David Lammy, highlighted that Russia has spent over $8 billion to build and operate this shadow fleet. The UK government’s measures aim to undermine Russia’s attempts to bypass sanctions and further strain the financial resources fueling President Vladimir Putin’s war efforts. In 2023, oil exports were a critical revenue source for Russia, contributing to roughly a quarter of its budget. The Russian government expects oil and gas revenues to increase by 21% year-on-year to 10.7 trillion rubles ($120 billion) in 2024.
