REEVES ANNOUNCES NEW RUSSIA SANCTIONS- Targeting Russia’s Oil companies Lukoil and Rosneft, and 51 shadow fleet tankers
The UK today has targeted two of Russia’s largest oil companies, Lukoil and Rosneft, and 51 shadow fleet tankers in what it described as a fresh bid to tighten energy sanctions and curb Kremlin revenues.
The Chancellor of the Exchequer, Rachel Reeves, who announced the targeted sanctions, asserted that there was no place for Russia in global markets whilst claiming that the United Kingdom would take all necessary steps to stop Moscow in its tracks from its ongoing conflict with Ukraine.
The new sanctions target 51 ships within the shadow fleet, as well as individuals and entities across sectors, including energy and defence.
The shadow fleet, which is reportedly a network of older tankers in use to avoid sanctions on Russian oil, has increasingly been the target of sanctions from Britain, the United States and the European Union since the Russia-Ukraine conflict began in February 2022.
