British Prime Minister Keir Starmer is set to announce the largest ever sanctions package targeting Russia’s “shadow fleet” – oil tankers that the Kremlin uses to evade restrictions on oil trade.
The new action will be announced by the prime minister at the Joint Expeditionary Force (JEF) meeting in Oslo on Friday, Ukrinform reports, citing the UK Government website.
The new sanctions will apply to 100 oil tankers that are responsible for carrying more than $24 billion worth of cargo since the start of 2024.
The new measures aim to stop the Kremlin’s financing of its aggressive war against Ukraine, enhance the security of critical infrastructure in the UK and Europe, and safeguard the environment.
“Every step we take to increase pressure on Russia and achieve a just and sustainable peace in Ukraine is another step towards security and prosperity in the UK,” Starmer said.
He noted that the threat from Russia to our national security cannot be underestimated. “That is why we will do everything in our power to destroy his shadow fleet operation, starve his war machine of oil revenues and protect the subsea infrastructure that we rely on for our everyday lives,” the prime minister said.
British officials also noted that the shadow fleet operation, masterminded by Putin’s cronies, is not just bankrolling the Kremlin’s illegal war in Ukraine – the fleet’s languishing vessels are known to be damaging critical national infrastructure through reckless seafaring in Europe.
According to London’s assessments, thanks to Western sanctions, Russia’s oil and gas revenues have fallen every year since 2022 – losing over a third of its value in three years. 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.
New action, which will be announced by the Prime Minister at the Joint Expeditionary Force meeting in Oslo today, will turn up the pressure on Russia’s economy, which is reeling thanks to lower oil prices and the high costs of the war
In addition, JEF leaders are today expected to announce an enhanced JEF partnership with Ukraine, bringing the JEF grouping – some of Ukraine’s staunchest supporters – and Ukraine even closer together.
The Joint Expeditionary Force is comprised of 10 like-minded nations, Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, Netherlands, Sweden and the UK as the Framework Nation.
Photo credit: Capital Pictures / Alamy
Source: New blow to Russia's “shadow fleet”: British PM to announce sanctions against 100 oil tankers
