UK Imposes Sanctions on Russia's Oil Trade Network and 'Shadow Fleet'

Forex - As part of measures designed to increase pressure on Moscow ahead of possible peace talks with Ukraine, the United Kingdom has imposed sanctions on a secret oil trading company that it identifies as playing a key role in Russia's oil market. The company's activities were first documented in an article published by the Wall Street Journal in February. Today's sanctions target 20 shadow fleet vessels involved in the illegal transportation of Russian oil, including Ocean Faye, Andaman Skies, and Mianzimu, each carrying more than four million barrels of Russian oil in 2024. 2Rivers DMCC and 2Rivers PTE LTD, which facilitate the trading of Putin's valuable oil, were also subjected to sanctions. The British government stated, "These new measures will further drain Putin's war budget by cutting off the much-needed oil revenue that fuels his illegal war and will warn those enabling Russia's oil exports." So far, the UK has sanctioned over 100 vessels, including 93 oil tankers, for carrying Russian energy.