The United Kingdom has tightened sanctions against Russia's so-called shadow fleet, imposing bans on 20 more ships and blacklisting 10 other individuals or entities linked to energy and shipping.

Security analysts say the fleet of aging ships is being used by Russia to circumvent international sanctions that ban it from selling oil.

Hundreds of vessels have already been sanctioned by the European Union and the UK since Russian President Vladimir Putin ordered the invasion of Ukraine in February 2022.

The new additions to the UK's asset freeze list include Orion Star group and Rosneft Marine (UK), which are said to be important to the Russian energy sector, as well as the deep-sea research unit of the Russian Ministry of Defense, AFP reported.

Although Russia's economy has not collapsed under the impact of sanctions, officials insist that they are having an impact.

“The Russian economy is slowing down and the Kremlin is being forced to make increasingly painful compromises to support its military efforts,” Downing Street said in a statement.

It said that sanctions imposed over the past three years “have deprived Russia of at least $450 billion.”

“By one estimate, this is equivalent to about two more years of funding for the invasion,” the statement added.

The UK alone has imposed sanctions on over 2,300 individuals, entities, and ships since the invasion started.

British Prime Minister Keir Starmer said he wanted to refine the new sanctions with the UK's other G7 partners, who are meeting in Canada this week.

“We must use this moment to increase economic pressure and show President Putin that it is in his—and Russia's—interest to show that he has serious intentions for peace,” he said.

With peace talks stalled, Ukrainian President Volodymyr Zelensky had hoped to press his US counterpart Donald Trump to tighten sanctions against Russia during the G7 summit.

But with the conflict between Iran and Israel escalating, Trump left the summit early without meeting Zelensky. The US president said he had “important things” to do in Washington. And he was also reserved about new sanctions.

The EU has imposed 18 rounds of sanctions on Russia.

Downing Street said that “new information” showed that the West was creating “significant challenges” for Russian state-owned companies, including a lack of financing, delays in major projects, and growing debts due to high interest rates. | BGNES