On November 25, 2024, the United Kingdom imposed additional sanctions to hamper Russia’s ability to earn revenues from Russian oil. This new package of sanctions targets 30 ships in Russia’s shadow fleet as well as two insurance companies – Alfastrakhovanie PLC and VSK – that enable these vessels. According to the Foreign, Commonwealth & Development Office, the 30 newly-sanctioned ships have transported billions of pounds worth of oil and oil products in the last year alone, while half of these ships transported more than $4.3 billion worth of oil and oil products within the last year. These sanctions were imposed pursuant to the Russia (Sanctions) (EU Exit) Regulations 2019 (SI 2019/855), which subjects designees to asset freezes and trust services sanctions in the United Kingdom.
The new sanctions are intended to limit the Kremlin’s ability to fund its illegal war in Ukraine. This action was announced just as the Foreign Secretary arrived in Italy to meet with G7 Foreign Ministers and shortly after the world marked 1000 days since Russia’s full-scale invasion of Ukraine began.
UK Government Press Release | OFSI Financial Sanctions Notice – Russia