UK confirms largest ever sanctions targeting Russia's $24 billion oil ship fleet

Russia's secretive fleet of oil tankers is to be hit with the largest ever sanctions package today, as the UK ramps up pressure on Vladimir Putin. The new action will be announced by Keir Starmer at the Joint Expeditionary Force meeting in Oslo.

Russia has a fleet of up to 100 oil tankers which have evaded sanctions so far, but are responsible for carrying more than $24 billion worth of cargo since the start of 2024 alone. The shadow fleet operation, run by Putin's allies, helps to finance the Kremlin, and are known to be responsible for damaging critical national infrastructure. This poses a costly threat to UK and Euro-Atlantic critical national infrastructure and the environment.

The new package will mean the UK has sanctioned more shadow fleet ships than any other country, with up to 100 oil tankers that form a core part of Putin's shadow fleet operation.

It will also increase the pressure on the already staggering Russian economy - a result of lower oil prices and the high costs of the war.

Speaking ahead of today's conference in Oslo, Sir Keir Starmer said: "Every step we take to increase pressure on Russia and achieve a just and sustainable peace in Ukraine is another step towards security and prosperity in the UK."

"The threat from Russia to our national security cannot be underestimated, that is why we will do everything in our power to destroy his shadow fleet operation, starve his war machine of oil revenues and protect the subsea infrastructure that we rely on for our everyday lives"

"My government will safeguard working people from paying the price from the costly threat Putin's fleet poses to UK critical national infrastructure and the environment."

Russia's oil and gas revenues have fallen by over a third of its value since the start of the war.

The Joint Expeditionary Force meeting is also expected to announce an enhanced partnership with Ukraine today, supporting Ukrainian forces though training and increased cooperation across military platforms.

The Oslo summit comes after the Force activated a new UK-led reaction system to track potential threats to undersea infrastructure and monitor the shadow oil fleet.

The UK is particularly reliant on underseas cables, which are increasingly at threat from foreign enemies and terrorists.

Subsea infrastructure carries 99% of international telecommunications data, and vital energy supplies such as electricity, oil and gas and is at risk of being disrupted by unseaworthy vessels lacking safety certification, the right technology to avoid the infrastructure, or purposefully disabling locator technology.

Protecting subsea infrastructure from malicious and careless incidents by Putin, is expected to be a key part of Leaders' discussions at the Joint Expeditionary Force summit in Oslo today.