British sanctions have been imposed on a Dubai-based company, Oil Tankers SCF Mgmt FZCO, which controls Russia’s state-controlled oil tanker fleet as part of efforts to cut funding to “Putin’s war machine.” The company, with a fleet of 62 ships, is beneficially owned by the state-owned tanker company Sovcomflot PJSC. The UK’s move is the largest yet and targets ships transporting Russian oil and operating outside Western jurisdiction.
The US and UK have shown signs of stepping up enforcement actions against the Russian oil sector in recent weeks, seeking to impose a price cap on sales of Russian crude and fuel to limit Moscow’s revenue. The Kremlin has largely managed to circumvent this policy by punching an $11 billion hole in Western sanctions, but there has been a steady stream of sanctions against Russian companies in recent weeks, marking a new stage in enforcing the rules.
In addition to Sovcomflot, three other tanker companies were targeted: K&O Ship Management, Radiating World Shipping Services, and Star Voyages Shipping Services. The UK said the SCF company and three other companies used “opaque corporate structures and fraudulent shipping practices to enable unhindered trade in Russian oil.” The move by the UK and US signals a response to Moscow’s efforts to bypass restrictions, particularly in the oil sector, and it represents a significant development in Western authority’s response to Russia’s actions.
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