The UK government, in co-ordinated action with G7 partners to support Ukraine, recently announced 50 new sanctions designations and specifications to degrade Russia's ability to wage war. New targets include ships in Russia's "shadow fleet", institutions at the heart of Russia's financial system, and suppliers supporting Russia's military production.
These new sanctions will bear down on Russia's ability to fund and equip its military and demonstrate the UK's support for Ukraine, the UK Prime Minister's Office said in a statement. The action includes the UK's first sanctions targeting vessels in Russia's shadow fleet, which has been used to circumvent UK and G7 sanctions and to continue unfettered trade in Russian oil.
The Prime Minister's Office said Russia's oil exports are President Vladimir Putin's most critical revenue source for funding his illegal war in Ukraine. Tax on oil production collected by the Kremlin in 2023 amounted to RUB8.9 trillion (US$99 billion), or 31 per cent of Russia's total federal revenues. The recent round of sanctions aims to disrupt and increase the costs of Russia's efforts to bypass UK and G7 sanctions through its shadow fleet.
These new sanctions will also target suppliers of munitions, machine tools, microelectronics, and logistics to Russia's military, including entities based in China, Israel, Kyrgyzstan, and Turkey. Also targeted are ships that transport military goods from North Korea to Russia.
So far, sanctions have deprived Russia of over US$400 billion worth of assets and revenues since February 2022. The UK has sanctioned over 2,000 individuals and entities under its Russia sanctions regime.
