The European Union (EU) has imposed new sanctions on Russian oil interests, targeting traders and shipping networks accused of helping Moscow bypass Western restrictions on crude exports that fund its war in Ukraine, Reuters reported.
The latest measures add nine individuals and entities linked to Russia’s so-called shadow fleet of oil tankers, including businessmen connected to state oil companies Rosneft and Lukoil, as well as firms that own and manage tankers operating outside Western maritime and insurance systems. Consequently, EU citizens are now banned from doing business with those listed, further restricting access to shipping and insurance services.
Among those targeted is Canadian-Pakistani oil trader Murtaza Lakhani, Chief Executive Officer (CEO) of Mercantile & Maritime. According to the EU’s Official Journal, Lakhani has enabled shipments of Russian oil, notably from state-owned Rosneft, and controls vessels transporting Russian crude and petroleum products.
The EU also sanctioned Valery Kildiyarov, a director at Lukoil’s trading subsidiary Litasco Middle East DMCC and a manager at Alghaf Marine in Dubai. In addition, Etibar Eyyub, Anar Madatli, and Talat Safarov were listed for their ties to Coral Energy, later renamed 2Rivers Group, once one of Russia’s top oil traders.
The bloc has imposed 19 sanctions packages since Russia invaded Ukraine and has now listed more than 2,600 individuals and companies, including the majors Rosneft and Lukoil.
Analysts expect the EU this week to blacklist more than 40 additional vessels, bringing the total number of sanctioned shadow-fleet ships to around 600. Despite the measures, Russia continues to sell millions of barrels of oil to India and China at discounted prices, according to Reuters.
