Brussels: The Council of the European Union (EU) said on Monday that it had imposed sanctions on five individuals and four additional entities for their involvement in supporting Russia's so-called "shadow fleet" and its associated value chain, as part of the bloc's efforts to curb Russia's revenue-generating capabilities. According to Kuwait News Agency, the Council stated that the individuals listed under the sanctions are businessmen linked, directly or indirectly, to the Russian state-owned oil companies Rosneft and Lukoil. These individuals operate within an economic sector that provides a significant source of revenue for the Government of the Russian Federation. The statement further elaborated that these individuals control vessels transporting crude oil or petroleum products of Russian origin or exported from Russia, while concealing the true origin of the oil. They are also involved in irregular and high-risk shipping practices. It was noted that the entities targeted by the sanctions are shippin g companies based in the United Arab Emirates, Vietnam, and Russia. These companies own or manage tankers subject to restrictive measures imposed by the European Union or by other countries for being part of what is known as Russia's "shadow fleet." These tankers transport crude oil or petroleum products using irregular and high-risk shipping practices. The sanctions stipulate that those listed are subject to an asset freeze, and EU citizens and companies are prohibited from making funds or economic resources available to them. Additionally, individuals are subject to a travel ban, preventing them from entering or transiting through the territories of EU member states. The Council of the European Union indicated that the sanctions regime was imposed in response to what it described as Russia's "ongoing and unjustified military aggression" against Ukraine. This sanctions regime currently targets more than 2,600 individuals and entities.
