London, Jul 21 (PTI) The UK on Monday announced a fresh set of sanctions which the government claims will ramp up pressure on Russia’s critical oil industry and “shadow fleet operation”, draining its “war chest” against Ukraine.
Britain’s 137 targets for the latest sanctions claim to strike at the heart of Russia’s energy sector, which the Foreign, Commonwealth and Development Office (FCDO) said restricts Russian President Vladimir Putin’s access to key oil revenues “bankrolling his illegal war in Ukraine”. The crackdown on Moscow’s shadow fleet operations targets 135 oil tankers which form part of the fleet responsible for illicitly carrying USD 24 billion worth of cargo since the start of 2024. “New sanctions will further dismantle Putin’s shadow fleet and drain Russia’s war chest of its critical oil revenues,” said UK Foreign Secretary David Lammy. “As Putin continues to stall and delay on serious peace talks, we will not stand idly by. We will continue to use the full might of our sanctions regime to ratchet up economic pressure at every turn and stand side by side with Ukraine,” he said.
On this week’s sanctions list is Intershipping Services LLC, said to be responsible for registering shadow fleet vessels under the banner of the Gabonese flag, resulting in these vessels transporting up to USD 10 billion worth of goods on behalf of the Russian state per year. Also on the list is Litasco Middle East DMCC, which the FCDO says is linked to Russian oil major Lukoil and is being sanctioned for its “ongoing role in moving large volumes of Russian oil on shadow fleet vessels”. Every attack we launch against Russia’s critical oil industry is another step towards securing a lasting peace in Ukraine, and a step towards security in the UK and beyond, the UK foreign ministry said.
Western sanctions, to date, have resulted in Russia’s oil and gas revenues falling every year since 2022 – losing over a third of its value in three years, it claimed.
The FCDO added: “Sanctions and the cost of Putin’s barbaric war are causing the Russian economy to stall – with the wealth fund hollowed out, inflation rising and government spend on defence and security spiralling. “Today’s action comes as the UK and EU (European Union) lowered the Crude Oil Price Cap disrupting the flow of oil money into Putin’s war chest and striking at the heart of his oil revenues.” It came as the UK backed US President Donald Trump’s “50-day deadline” for Russia to move towards peace and end its ongoing conflict with Ukraine.
At the 29th meeting of the 50-nation-strong Ukraine Defence Contact Group (UDCG), chaired virtually by UK Defence Secretary John Healey alongside German Defence Minister Boris Pistorius, Britain said it is joining the US and European nations in ramping up deliveries of vital air defence to Kyiv.
“The US has started the clock on a 50-day deadline for Putin to agree to peace or face crippling economic sanctions. As members of the Ukraine Defence Contact Group, we need to step up in turn with a ‘50-day drive’ to arm Ukraine on the battlefield and force Putin to the negotiating table,” said Healey in his opening statement at the online summit on Monday.
The UK Ministry of Defence (MoD) highlighted an agreement signed with Ukraine back in May to provide GBP 2.26 billion worth of military support to be repaid using funds raised from immobilised Russian assets, with more than two-thirds of the money allocated for procurement of weapons and munitions in just two months. PTI AK ZH ZH
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