The United Kingdom has announced a major new wave of sanctions targeting Russia's so-called 'shadow fleet'—a network of over 135 oil tankers and two associated companies used to secretly export Russian oil and evade existing restrictions. These vessels have reportedly transported $24 billion worth of oil since early 2024, providing critical revenue for Russia's war effort in Ukraine. The sanctions also hit Lukoil’s Dubai-based trading arm and a UAE-based shipping company, aiming to disrupt the infrastructure enabling Russia’s illicit oil trade. The move is part of a broader Western effort, in coordination with the EU, to tighten enforcement and close loopholes in the sanctions regime. UK officials say the measures are designed to drain Putin’s war chest by cutting off vital oil revenues and making it harder for Russia to finance its military operations.
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