UK intensifies energy sanctions, adds 30 Russian tankers to list

The UK government intensified its sanctions on Russia’s energy industry on Monday, blacklisting 30 tankers and two major insurers linked to the trade of Russian oil.

The measures ban cooperation with Moscow-based insurers AlfaStrakhovanie Plc and VSK, key providers of shipowners’ coverage against risks such as oil spills.

The blacklist now includes 73 vessels involved in transporting Russian-origin oil and oil products. These sanctions aim to restrict Russian oil revenue and limit its ability to fund the war in Ukraine.

The UK, a global hub for marine insurance, has previously sanctioned all top five Russian insurers in the property and casualty sector, including Ingosstrakh and RNRC.

The measures further restrict Russia’s ability to bypass Western price caps and shipping restrictions using state-backed tankers and opaque “shadow fleets.”

Attribution: Bloomberg

Subediting: M. S. Salama