Britain has announced a sweeping round of sanctions against Russia including ships in Putin’s “shadow fleet”.
Prime Minister Rishi Sunak also sanctioned institutions at the heart of Russia’s financial system and suppliers supporting Russia’s military production.
The measures are designed to bear down on Russia’s ability to fund and equip its war machine.
The “shadow fleet” is a group of over 780 vessels with mysterious ownership designed to obscure their transport of sanctioned Russian oil since the start of the war.
It first emerged in response to the international sanctions imposed on Russia following the invasion and is vital to funding Moscow’s war effort.
Tax on oil production collected by the Kremlin in 2023 amounted to 8.9 trillion roubles, or 31 per cent of Russia’s total federal revenues.
The sanctions came as G7 negotiators reached a deal to use profits from frozen Russian sovereign assets to help Ukraine.
Members will provide “approximately $50bn” to Ukraine as part of the centrepiece of the group’s annual summit in Italy.
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2024-06-13 11:58:00Z
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