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FX.co ★ UK targets Russia’s shadow fleet with its largest sanctions package to date

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Forex Humor:::2024-10-22T13:18:10

UK targets Russia’s shadow fleet with its largest sanctions package to date

In an effort to crack down on Moscow’s shadow fleet, the UK has imposed its largest package of sanctions to date, targeting 18 Russian oil tankers and 4 liquefied natural gas vessels.

According to Britain, this shadow fleet is actively trying to undermine sanctions, posing a significant threat to global maritime security and the integrity of world trade. This time, the British government has chosen to take a tougher approach. To mitigate the risks posed by these vessels, the UK will now require these ships to present proof of insurance before entering British waters, akin to showing a ticket to a show. If the documents appear dubious, crossing the English Channel will be impossible.

Moreover, anyone aiding Russia's "destructive activities" risks being sanctioned, British officials warned. Meanwhile, Russia continues to act as if these sanctions are merely an inconvenience, steadily expanding its tanker fleet to evade Western regulators and insurers like schoolchildren sneaking out of class.

Now, these 18 tankers have officially lost access to British ports and maritime services, bringing the total number of Russian vessels under sanctions to 43. Among the latest ships blacklisted from British ports are maritime giants like NS Bora, Atlas, and Moskovsky Prospect, all of which will have to chart new courses.

Officials at Britain's foreign office are blunt, asserting that their decisive actions are effectively crippling Russia’s logistics network and cutting off its vital revenue streams. The figures are indeed substantial: last year, these tankers carried nearly £4.9 billion ($6.37 billion) worth of oil through the English Channel.

The Russian embassy in London has yet to comment. It may still be formulating a response to the latest sanctions blow, but one thing is clear: the situation for Russia’s shadow fleet is becoming increasingly dire.

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