The UK on Tuesday slapped sanctions on Russia’s oil pipeline giant Transneft and targeted Russia’s dark web of illicit oil traders and shadow fleet operators, to attempt to further stifle Russian oil revenues on the fourth anniversary of the invasion of Ukraine.
The UK government announced today almost 300 new sanctions on Russia, including on PJSC Transneft, which transports more than 80% of Russian oil exports, “further hampering the Kremlin’s desperate scramble to find buyers for its sanctioned oil.”
In addition, Britain targeted Russia’s dark web of illicit oil traders, sanctioning as many as 175 companies in the ‘2Rivers’ oil network, one of the largest shadow fleet operators globally and a major trader of Russian crude oil.
“Deterring, disrupting and degrading the Russian shadow fleet remains a priority for this government, and this latest swathe of sanctions includes 48 oil tankers transporting oil as part of the Kremlin’s desperate attempt to soften the blow of crushing sanctions,” the UK said.
“To the Kremlin and those seeking to profit from this illicit trade, the message is clear – Russian oil is off the market.”
Apart from more banks and providers of critical services and technology, the UK designated 6 targets in Russia’s LNG industry, including ships, traders, and Russia’s Portovaya and Vysotsk terminals, responsible for exporting Russian LNG.
While the UK announced these sanctions, the EU failed to agree on a 20th package of sanctions to coincide with the anniversary of the invasion, as Hungary blocked the package in what it said was a response to the halt of Russian oil flows via the Druzhba pipeline.
At the end of January, the pipeline that carries Russian crude to refineries in Hungary and Slovakia was damaged in what Ukraine said was a Russian drone attack.
Supplies of Russian oil to the last two remaining EU member states dependent on Russian crude flows via Druzhba have been halted since January 27.
Both Hungary and Slovakia, which have kept ties with Russia since the war began, have accused Ukraine of stalling the repairs needed to resume flows via the Druzhba pipeline for political reasons. They have threatened to cut electricity and gas supplies to Ukraine.
By Tsvetana Paraskova for Oilprice.com
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