The UK government has unveiled a slate of 137 new sanctions aimed at d Russia’s shadow fleet.
The measures, unveiled by foreign secretary David Lammy, target 135 oil tankers, as well as entities facilitating these ships — including Intershipping Services, the UAE-based company behind Gabon and Comoros flag registrations, and Litasco Middle East, a Dubai-based affiliate of Russian oil giant Lukoil.
“Every attack we launch against Russia’s critical oil industry is another step towards securing a lasting peace in Ukraine,” said Lammy
The sanctions were timed to coincide with the UK’s adoption of the European Union’s new crude oil price cap. The cap was lowered from $60 to $47.60 per barrel, intensifying pressure on Russian exporters and middlemen trying to skirt sanctions by offering deep discounts to buyers in Asia and the Middle East.
The EU’s move, part of its 18th sanctions package unveiled last week, echoes previous G7 policy but aims to revive enforcement through new blacklisting powers and enhanced port monitoring. However, analysts have noted that without US buy-in, full enforcement may remain elusive given the dollar’s dominance in oil trade settlements.
According to UK government estimates, Russia’s oil and gas revenues have declined by over a third since 2022.
