Top Highlights
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Sanctions Imposed: The EU has sanctioned five businessmen linked to Russian oil giants Lukoil and Rosneft, targeting companies running ships for Russia’s shadow fleet to circumvent existing sanctions.
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Economic Impact: Oil revenue remains crucial for Russia’s economy, supporting the war against Ukraine without escalating domestic inflation or causing a currency collapse.
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Crackdown on Shadow Fleet: Member states, particularly France, are intensifying efforts to curb the shadow fleet, estimated at over 400 vessels, and are pursuing agreements with flag-carrying nations for enforcement.
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Broader Sanctions: In addition to the shipping sector, the EU also imposed sanctions on members of Russia’s military intelligence and foreign policy figures accused of spreading pro-Russian misinformation.
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BRUSSELS (AP) — The European Union on Monday slapped sanctions on five businessmen linked to Russian state-owned oil companies Lukoil and Rosneft and targeted companies accused of circumventing sanctions on Russian oil by running ships for Moscow’s shadow fleet of aging oil tankers.
Oil revenue is a key part of Russia’s economy, allowing President Vladimir Putin to pour money into the war effort against Ukraine without worsening inflation for everyday people and avoiding a currency collapse.
Member countries, notably France, have vowed to crack down on the sanction-busting shadow fleet which experts estimate numbers over 400 ships. They are also trying to secure deals with flag-carrying countries to make it easier to board the vessels.
EU headquarters said the businessmen “control vessels transporting crude oil or petroleum products, originating in Russia or being exported from Russia, concealing the actual origin of the oil, while practicing irregular and high-risk shipping practices.”
AP AUDIO: EU targets Russia’s shadow fleet with new sanctions, hitting businessmen and companies
AP correspondent Laurence Brooks reports on the EU targeting Russia’s shadow fleet with new sanctions.
The four shipping companies targeted are based in the United Arab Emirates, Vietnam and Russia. A statement said they own or manage shadow fleet tankers under sanctions and which transport oil “while practicing irregular and high-risk shipping practices.”
The sanctions, which were agreed at a meeting of the 27-nation bloc’s foreign ministers in Brussels, involve mostly asset freezes and travel bans.
The EU move adds to growing pressure on the shadow fleet. Last month, Ukraine used domestically produced Sea Baby naval drones to strike two more Russian oil tankers in the Black Sea. Both were under international sanctions.
Separately, the bloc imposed sanctions on members of Russia’s military intelligence agency, GRU, and a hacking group known as Cadet Blizzard, accusing them of cyber attacks targeting Ukraine, the EU and unnamed NATO allies.
The EU also added a number of foreign policy analysts and influencers accused of promoting pro-Russian propaganda or conspiracy theories to its sanctions list.
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