Shafaq News – London
The United Kingdom on Monday unveiled a sweeping package of 137 new sanctions targeting Russia’s oil and energy sectors.
The measures, announced by the UK Foreign Office, are aimed at curbing the activities of Russia’s so-called "shadow fleet" of tankers and hitting entities that help Moscow circumvent international restrictions.
“This new wave of sanctions will further dismantle Putin’s shadow fleet and drain Russia’s war chest of its critical oil revenues,” said Foreign Secretary David Lammy, adding that the UK would "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."
Among the most significant actions, the UK is sanctioning 135 vessels used in covert operations to ship Russian oil in defiance of international price caps. According to UK authorities, these ships have carried an estimated $24 billion in oil exports since the beginning of 2024, using deceptive practices to mask the cargo’s origin and destination.
Two companies were specifically named for facilitating these operations: INTERSHIPPING SERVICES LLC, accused of registering shadow fleet vessels under the Gabonese flag and enabling the transport of up to $10 billion in goods annually; and LITASCO MIDDLE EAST DMCC, linked to the Russian oil giant Lukoil, which allegedly plays a key role in moving large volumes of Russian oil using the shadow fleet.
The UK also moved in coordination with the European Union to lower the Crude Oil Price Cap, further constraining Russia’s ability to profit from international oil sales.
The UK government says these new restrictions are designed to disrupt the flow of oil money into Russia’s. Since the beginning of the full-scale invasion in 2022, Western sanctions have dented Russia’s oil and gas revenues, with officials estimating the sector has lost over one-third of its value in just three years.
“The 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 spending on defence and security spiralling,” the UK statement noted.
The new sanctions are also framed as a key component of Prime Minister Keir Starmer’s broader “Plan for Change,” with officials emphasizing that national and global security remain top priorities.
While the Kremlin has yet to respond to the latest UK measures, previous waves of sanctions have prompted Moscow to intensify efforts to bypass restrictions, including via state-backed traders, opaque maritime networks, and alternative payment systems.