The U.K. has recently sanctioned 10 Russian vessels that are part of the “shadow fleet,” a group of older and often uninsured ships used by Russia to transport oil around the world and evade international sanctions. This move is aimed at countering Russian attempts to undermine and dodge economic sanctions imposed in 2022 in an effort to reduce Moscow’s fossil fuel revenue. Foreign Secretary David Lammy highlighted that Russia has spent over $8 billion amassing this shadow fleet, which has been a critical revenue source for funding President Putin’s illegal war in Ukraine. The newly sanctioned vessels are described as “high-volume offenders” carrying billions of dollars worth of Russian oil.
Russia’s oil exports play a significant role in funding President Putin’s war in Ukraine, accounting for around a quarter of the Russian budget in 2023. The Russian government expects oil and gas revenues to increase by 21% year-on-year to $120 billion in 2024. The sanctions imposed by the U.K. aim to disrupt this critical revenue source and prevent Russia from using the shadow fleet to evade international restrictions. Previous sanctions against similar vessels have left ships idling in ports, causing disruptions to Putin’s war machine. The U.K. has now sanctioned a total of 25 vessels considered part of the shadow fleet.
The Foreign Office emphasized the importance of these sanctions in thwarting Russian attempts to bypass economic restrictions imposed by the international community. These measures are aimed at curtailing Russia’s ability to transport oil and undermine efforts to cut Moscow’s fossil fuel revenue. By targeting the shadow fleet, the U.K. hopes to disrupt the flow of Russian oil and limit Putin’s resources for funding the ongoing conflict in Ukraine. The vessels that have been sanctioned are described as operating around the clock to transport as much Russian oil as possible, making them significant offenders in evading sanctions.
In light of recent events, such as Iran’s missile attacks against Israel, there is growing concern about the audacity of petro-dictatorships like Russia and Iran in flouting international norms and threatening global peace. Iran, inspired by Russia’s aggressive actions in Ukraine, has shown a willingness to challenge global stability through its military actions. The actions of these petro-dictatorships highlight the importance of international cooperation and sanctions in addressing threats to peace and stability. The U.K.’s decision to sanction Russian vessels involved in the shadow fleet is part of a broader effort to hold Russia accountable for its actions and prevent further destabilization of the region.
