UK imposes largest sanctions yet on Russian oil tankers targeting shadow Fleet.

According to information published by the UK government on October 17, 2024, the United Kingdom has announced its most extensive sanctions package yet, targeting Russian oil and gas tankers linked to President Vladimir Putin's so-called "shadow fleet." The move aims to cripple a network of vessels that has circumvented previous sanctions, fueling Russia's economy and military operations.
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Russian crude oil tanker NS Bora. (Picture source: Fleetphoto)

Eighteen oil tankers and four liquified natural gas (LNG) carriers have been added to the sanctions list, making it the largest single action to date against Russia’s maritime fleet. These vessels will be barred from accessing British ports and services, bringing the total number of sanctioned Russian ships to 43. This network of tankers is crucial for maintaining Russian oil exports, a significant source of revenue funding its ongoing war in Ukraine.

The United States and Canada have joined the UK’s "Call to Action" initiative, first announced by Prime Minister Keir Starmer in July, which now has 47 signatories. These countries are working together to address the shadow fleet's violation of international safety standards and the potential environmental hazards it poses, such as the risk of oil spills.

UK Foreign Secretary David Lammy emphasized the importance of cutting off Russia’s financial lifelines, noting that the shadow fleet poses a threat not only to maritime safety but to the global economy.

As a result of the sanctions, Russia’s state-controlled shipping giant, Sovcomflot, has been scrambling to evade penalties by renaming and reassigning its vessels. Despite these efforts, many ships have been forced to idle in international waters, unable to unload their cargo or generate revenue.

This development has added strain to Russia's energy sector, where flagship companies like Gazprom have already reported significant losses, including a $6.9 billion net deficit in 2023—their first in over two decades. The sanctions also extend beyond the shadow fleet, targeting key players in Russia's gas industry, such as Rusgazdobycha JSC.

Background

The UK's latest sanctions on Russia’s "shadow fleet" of oil tankers represent a critical escalation in the effort to cripple the financial resources fueling President Vladimir Putin’s war in Ukraine. These measures are part of a broader campaign, which has already blocked Russia from accessing over $400 billion in assets and revenues since the start of the war.

The shadow fleet, a collection of vessels designed to evade sanctions and continue the illicit trade of Russian oil, has become a primary target, with the UK's actions disrupting operations of vessels that have collectively transported billions in oil since February 2022​.

This crackdown aligns with wider international efforts, with the US, Canada, and several European countries backing the UK's initiative to halt Russia’s oil trade. Notably, the shadow fleet comprises ships operating under complex management systems often based in non-Western jurisdictions, making enforcement challenging.