UK sanctions more Russian energy firms

London has sanctioned Russian pipeline operator Transneft – responsible for transporting over 80% of Russian oil exports.

IMAGE: Getty Images

The UK government has imposed sanctions on 175 companies, including Moscow’s “dark web illicit oil traders,” the country's Foreign, Commonwealth & Development Office said in a statement.

These companies are part of Russia’s ‘2Rivers’ oil network – one of the largest shadow fleet operators globally, trading Russian crude oil, according to the UK government.

The latest sanctions include 48 oil tankers that transport Russian crude oil. These vessels, which are allegedly a part of Russia’s shadow fleet, have facilitated illicit oil trades, circumventing the G7 oil price cap, the UK government said earlier.

“So far international sanctions have deprived Putin of over $450 billion - the equivalent of two more years of funding for his illegal war,” the UK government said.

By using these poorly maintained vessels to circumvent oil sanctions, Russia has effectively traded outside the imposed price caps implemented by Washington and its allies (the G7 group of countries) – a strategic measure aimed at reducing Russia's export revenue.

The UK has also targeted six entities working for Russia’s LNG industry, including vessels, traders and the Portovaya and Vysotsk, that actively export Russian LNG.

The sanctions come in the wake of the Russia-Ukraine conflict’s fourth anniversary, and days after EU-member state Hungary maintained its veto on the union’s 20th sanctions package on Moscow, Reuters reported.

By Aparupa Mazumder

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