Deputy Head of the Office of the President Ihor Zhovkva and Presidential Advisor – Commissioner for Sanctions Policy Vladyslav Vlasiuk held a briefing for heads and representatives of foreign diplomatic missions in Ukraine on strengthening sanctions against Russia's shadow tanker fleet.
The briefing was attended by representatives from Argentina, Brazil, the United Kingdom, Greece, Denmark, Estonia, India, Italy, Canada, South Korea, Latvia, Lithuania, Mexico, the Netherlands, Germany, Norway, South Africa, Poland, the United States, Türkiye, Finland, France, Sweden, Japan, and the European Union.
Ihor Zhovkva emphasized that sanctions pressure on Russia is one of the key issues President Zelenskyy raises during meetings and phone calls with leaders of partner countries. He also underscored the importance of the sanctions already adopted.
“But we all understand that the current level of sanctions on Russian oil is insufficient and needs to be intensified. The outdated tanker fleet poses a threat to the environment – as evidenced by the incident in the Kerch Strait. This must not happen again,” said the Deputy Head of the Office of the President.
Vladyslav Vlasiuk pointed out that Russia’s shadow fleet consists of over 600 vessels, which transport about 90% of Russian oil. As a result, in just 11 months last year, the aggressor state earned $180 billion from exporting oil and petroleum products.
Last year also saw a record volume of Russian LNG imports to the EU, totaling 17.5 million tons worth $7.3 billion. Therefore Ukraine expects the EU to completely abandon Russian LNG in the 16th package of sanctions, which is expected to be approved in February.
“It’s time to cut off the petrodollar flow fueling Russia’s aggression. Tough sanctions on the shadow fleet are key to restoring peace,” Vladyslav Vlasiuk said.
Ukraine and its international partners propose to reduce the price cap on Russian oil to $40 per barrel, impose sanctions on captains of shadow fleet vessels and crewing companies, strengthen control over tanker insurance compliance and leverage mechanisms to restrict the passage of tankers blacklisted under international port control memoranda.
The Presidential Commissioner also highlighted the importance of recent sanctions imposed by the United States and the United Kingdom on Russian companies Gazprom Neft and Surgutneftegas. At current prices, these companies generate an annual income of approximately $23 billion from oil extraction. Additionally, they account for nearly 30% of Russia's seaborne oil exports.