Russia is about to be hit with more sanctions.
The European Union and the United Kingdom have announced new sanctions on Russia aimed at cracking down on its use of a so-called ‘shadow fleet’ to smuggle oil. On May 18, the EU decided to impose sanctions on 189 Russian vessels, adding to the 350 already sanctioned. The sanctions include freezing the assets of the shipowners and denying visas to Russian officials and companies involved in the activities. The decision was taken by foreign ministers in Brussels, where they also approved sanctions on Russian individuals and companies, including insurance companies, involved in the shadow fleet. While the EU announced these sanctions, the UK also announced new sanctions on 100 companies and individuals that support the Russian military industry, oil trade, and 18 ships used to transport Russian oil. Research shows that the shadow fleet consists of more than 400 ships, which are old and have no known owners. The EU and the UK continue to seek ways to put pressure on Russia, leading to an end to the war and the signing of a peace agreement. They say the sanctions are aimed at cutting off Russia's profits from the oil trade, which is helping it continue the war in Ukraine.
