The UK announced sweeping new sanctions targeting Russia's "shadow fleet," a network of 137 entities, including tankers and firms, used to circumvent Western oil price caps. These sanctions, announced by Foreign Secretary David Lammy, aim to cripple Russia's ability to fund its war in Ukraine by blocking oil revenue streams. The targeted entities facilitated the transport of an estimated $24 billion worth of Russian oil. This action, alongside EU efforts, strengthens the price cap enforcement and increases economic pressure on Russia.

Prepared by Rachel Morgan and reviewed by editorial team.