**UK Imposes New Sanctions on Russian Oil Tankers and Shipping Companies**
The United Kingdom has taken a significant step to further cripple Russia’s economy by imposing new sanctions on 135 oil tankers and two shipping companies linked to the country’s shadow fleet. This move, announced on July 21, is aimed at disrupting Russia’s ability to fund its war efforts in Ukraine.
According to the UK government, these oil tankers have secretly transported $24 billion worth of oil since the start of this year alone. One of the two sanctioned companies has ties with Lukoil, one of Russia’s largest oil producers. The UK’s decision to target these entities is a clear indication of its commitment to supporting Ukraine in its fight against Russian aggression.
The new sanctions are a direct response to Russia’s continued use of its shadow fleet to export oil and evade Western enforcement mechanisms. These tankers operate under opaque ownership, flags of convenience, and often without proper insurance, making it difficult for Western countries to track and sanction them.
**Draining Putin’s War Chest**
UK Foreign Secretary David Lammy has stated that the new sanctions will further dismantle Russia’s shadow fleet and drain its critical oil revenues. This is a significant blow to Russian President Vladimir Putin’s ability to fund his military campaigns in Ukraine. As tensions between Russia and the West continue to escalate, the UK’s move sends a clear message that it will not stand idly by while Putin continues to stall on peace talks.
The UK’s decision to join an EU initiative to lower the price cap on Russian seaborne oil exports has also been aimed at reducing Moscow’s profit margin. This ceiling was designed to prevent global supply disruptions while still limiting Russia’s ability to fund its war efforts.
**Impact on Russia’s Economy**
Western sanctions have already had a significant impact on Russia’s economy, with oil and gas revenues slashed by one-third since 2022. The new sanctions are expected to further constrain Moscow’s ability to fund its full-scale war against Ukraine. As the conflict continues to escalate, it is clear that the UK and other Western countries will continue to apply pressure on Russia to bring an end to the fighting.
**Conclusion**
The UK’s imposition of new sanctions on Russian oil tankers and shipping companies is a significant step in the right direction. By targeting these entities, the UK is disrupting Russia’s ability to fund its war efforts and further crippling Putin’s economy. As the conflict between Russia and Ukraine continues to unfold, it is clear that the West will continue to play a crucial role in supporting Ukraine and holding Russia accountable for its actions.
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