Chancellor John Healey has pledged that the UK will continue stepping up economic pressure on Vladimir Putin as the Government imposes a fresh package of sanctions targeting Russian banks, businesses and Moscow’s so-called shadow fleet.
The latest measures, announced on 6 August, target 19 individuals and entities supporting Russia’s war in Ukraine, including six Russian banks and six newly acquired shadow-fleet tankers. Four Russian companies involved in importing tantalum and niobium — metals used in military production — have also been targeted.
Backing the measures, Healey said:
“We’re bringing in tough new sanctions to choke off the funds to Putin’s war machine.
“The UK will continue to step up our action against Russia and its shadow fleet, to protect our national security and stand with Ukraine.”
The Government is seeking to increase pressure on Russia’s ability to finance its invasion by targeting both its financial system and the networks used to circumvent international sanctions.
A particular focus is Russia’s shadow fleet — tankers used to continue transporting Russian oil despite Western restrictions and thereby maintain an important source of revenue for Moscow.
The latest sanctions cover six vessels recently acquired by Russia’s state-owned shipping company Sovcomflot, according to the Government. Ministers say the action is designed to disrupt oil revenues that can ultimately support the Kremlin’s war effort.
The measures also target banks the Government says have played a role in supporting Russia’s economy and companies supplying materials important to its military-industrial complex.
The latest action builds on an increasingly aggressive British approach to the shadow fleet. Earlier this year, UK forces supported operations against sanctioned tankers, while Britain has been working with international partners on ways to disrupt vessels being used to evade sanctions.
The issue also has a direct national security dimension for Britain. Royal Navy figures show an increase in activity monitoring Russian vessels around UK waters, amid concerns over both shadow-fleet tankers and Russian military vessels.
For the Labour Government, the new sanctions are intended to send a clear message that Britain’s support for Ukraine will continue alongside efforts to raise the economic cost to Moscow of continuing the war.
Healey’s intervention puts economic pressure at the heart of that strategy: cutting the financial networks sustaining Putin’s war effort while maintaining Britain’s commitment to Ukraine and its own national security.
