Britain imposed sanctions on Russia on Thursday, targeting the country’s shadow fleet ships, which are used to evade Western sanctions on Russia’s oil trade.
Britain has announced 50 new sanctions and measures to weaken Russia’s military actions, working with G7 allies in support of Ukraine.
According to the British government, new targets include ships from Putin’s secret fleet, “institutions at the heart of Russia’s financial system” and companies that support Russian military production.
British Foreign Secretary David Cameron said: “British sanctions are depriving Putin of the revenue he desperately needs to finance his war chest and making it harder to supply his war machine.”
He added: “We will continue to work with our partners to increase economic pressure and demonstrate that Britain and the G7 will support Ukraine in this fight.”
The Kremlin collected Rbs8.9 trillion ($99.83 billion) in taxes on oil production in 2023, accounting for 31% of Russia’s total federal revenue.
“Today’s sanctions are designed to disrupt and increase the costs of Russia’s attempts to circumvent Britain and the G7 sanctions through its shadow fleet,” the British government said in a statement.
However, despite a 1.1% decline in sales, Russian energy company Rosneft reported a 45.5% increase in net profit and an increase in EBITDA (earnings before interest, taxes, depreciation and amortization) for the first quarter (Q1) of 2024. by 25.1%.
The company reported revenues of Rbs2.5 trillion in the first quarter of 2024 and achieved an EBITDA of Rbs857 billion.
In May, Russia’s annual oil revenues nearly doubled, indicating that the country is adapting to the international sanctions it faces, such as the EU ban on Russian oil imports.
Earlier this week, EU officials discussed the possible imposition of sanctions on Russian maritime company Sovcomflot to limit the country’s oil-related revenues amid the ongoing conflict with Ukraine.
On June 12, the US imposed sanctions on more than 100 individuals and entities, limiting Russia’s potential energy revenues. The statement said these sanctions are an extension of previous measures that had already halted progress on Russia’s Arctic LNG 2 initiative and other upcoming energy projects in Russia.
“UK Hits Russia’s Shadow Oil Fleet with Sanctions to Weaken Russia’s Military” was originally created and published by Offshore Technology, a brand owned by GlobalData.
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