Overview

• Britain targeted 135 additional shadow fleet tankers and sanctioned Intershipping Services LLC along with Litasco Middle East DMCC for moving $24 billion of cargo since early 2024
• Intershipping is accused of registering vessels under Gabon’s flag to carry up to $10 billion of goods annually for the Russian state while Litasco—tied to Lukoil—handles large oil shipments on shadow fleet tankers
• The measures follow the EU’s agreement on its 18th sanctions package against Russia’s war effort and entail lowering the G7-backed oil price cap from $60 to $47.60 a barrel
• Foreign Secretary David Lammy said the latest restrictions will further dismantle President Vladimir Putin’s covert export network and drain his war chest
• Western sanctions have driven Russia’s oil and gas revenues down by over a third since 2022, underscoring sustained economic pressure on Moscow’s wartime finances