UK Expands Russia Sanctions, Targeting “Shadow Fleet” And Foreign Financial Institutions

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Mfame Editor
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To mark the third anniversary of Russia’s full-scale invasion of Ukraine, the United Kingdom has announced over 100 new sanctions. These sanctions are specifically aimed at individuals and entities that are providing ongoing support to the Russian invasion, reports Gov. UK.

Sanction Targets

The UK has announced a new round of sanctions aimed at bolstering Ukraine’s position and weakening Russia’s war efforts. The sanctions target:

  • Military Supply Chains:
    • Producers and suppliers of machine tools, electronics, and dual-use goods for Russia’s military, including microprocessors used in weapons systems, based in various third countries like Central Asian states, Turkey, Thailand, India, and China.
  • North Korean Involvement:
    • North Korean Defence Minister No Kwang Chol and other North Korean officials were involved in deploying North Korean forces to Russia.
  • Russian Entities and Individuals:
    • 13 Russian targets, including LLC Grant-Trade, its owner Marat Mustafaev, and his sister Dinara Mustafaeva, for funneling advanced European technology into Russia.
  • Foreign Financial Institutions:
    • For the first time, the UK is using new powers to target foreign financial institutions supporting Russia’s war machine, sanctioning the Kyrgyzstan-based OJSC Keremet Bank.

Key Aspects

The UK government asserts that these sanctions are crucial for national security and support the Prime Minister’s Plan for Change. They aim to weaken Russia’s military and revenue streams, thereby increasing the likelihood of a lasting peace in Ukraine, which would also enhance security and prosperity in the UK.

Key aspects of the new sanctions include:

  • Targeting Energy Revenues:
    • Further pressure on Putin’s energy revenues, a primary source of funding for the invasion.
    • Specification of 40 additional “shadow fleet” ships carrying Russian oil, which have transported over $5 billion worth of oil in the last six months.
    • This brings the total number of oil tankers sanctioned by the UK to 133, the highest in Europe.
  • Targeting “New Kleptocrats”:
    • Sanctions against 14 individuals, including Roman Trotsenko, a wealthy Russian businessman, who are seen as fronts for strategic sectors of the Russian economy.

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Source: Gov. UK