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Britain expands Russia sanctions to target shadow fleet and banks

British authorities unleashed a fresh wave of sanctions on Thursday, aiming to choke the flow of oil revenue fueling the conflict in Ukraine. The measures target six Russian financial institutions, a shadow fleet of tankers, and four industrial firms supplying rare metals critical to the production of advanced battlefield weaponry.

Britain expands Russia sanctions to target shadow fleet and banks
Photo: Business Person

The government confirmed 13 new designations and six specifications under its existing legal framework. Among the primary targets are six vessels identified as part of the shadow fleet, which Moscow utilizes to bypass Western oil restrictions, alongside companies importing tantalum and niobium. These rare elements are essential components in the manufacturing of modern combat hardware.

Since the invasion in 2022, the UK has sanctioned over 3,400 individuals, entities, and ships. Foreign Minister Ed Miliband stated that pressure on Moscow will persist until a lasting peace is secured. The Russian embassy in London did not immediately provide comment, though Moscow has historically dismissed such Western actions as politically motivated.

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