With half of the ships targeted today transporting more than $4.3 billion worth of oil and oil products like gasoline in the last year alone, today is the largest UK package of its kind.
The move will further constrain the Kremlin’s ability to fund their illegal war in Ukraine and their malign activity worldwide, and brings the total number of oil tankers sanctioned by the UK to 73, more than any other nation - demonstrating the UK’s leadership on tackling the shadow fleet.
Some 46 countries and the EU have now signed up to the UK-led call to action against the Shadow fleet, announced by Prime Minister Keir Starmer at the European Political Community summit in July.
Today’s announcement comes as the Foreign Secretary uses the G7 Foreign Ministers meeting in Italy to push other countries to maintain pressure on Russia’s war machine, in parallel with efforts to step up military and financial support for Ukraine.
Oil revenues are a crucial source of funding for the Kremlin’s illegal war in Ukraine.
The shadow fleet also poses significant risks to global trade. Many of the ships engage in deceptive shipping practices and are a danger to the environment – many tankers flagrantly ignore basic safety standards, increasing the chance of catastrophic oil spills.
Constraining these revenues, including by cracking down on the companies that insure these vessels, is vital for maintaining our shared security: degrading the Kremlin’s war machine, clearing our shipping lanes of unsafe traffic, and protecting our international trade to make room for growth.
AzVision.az
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