UK imposes sanctions on Russian insurance giants, oil tankers

The United Kingdom has introduced sanctions against "AlfaStrakhovanie," VSK Insurance, and 30 Russian oil tankers.

The official document outlining these measures has been published on the UK government’s website, Caliber.Az reports.

British authorities explained the inclusion of "AlfaStrakhovanie" and VSK Insurance in the sanctions list, claiming that these companies are allegedly "involved in deriving benefits through their support of the Russian government by operating in sectors of strategic significance to the Russian state."

Regarding the vessels, the restrictions are based on their alleged involvement in activities that "destabilise Ukraine," undermine its "territorial integrity, sovereignty, and independence," and generate profits in support of the Russian government.

The sanctioned ships are reportedly used for transporting oil or petroleum products from Russia to third countries, according to the document.

Note that, since Russia’s annexation of Crimea in 2014, coordinated sanctions by the UK, EU, US, and allies such as Canada have targeted Russian entities and individuals. These measures intensified following Russia’s full-scale invasion of Ukraine in February 2022.

The sanctions, aimed at undermining Russia’s financial, energy, and strategic sectors, have expanded to include individuals close to the Putin regime and third-party enablers. As of 26 September 2024, 1,707 individuals and 339 entities are subject to UK sanctions, while EU measures affect over 2,200 targets.

Efforts also focus on preventing sanctions evasion, with Russia employing shadow fleets and alternative trade routes to bypass restrictions. Meanwhile, proposals to use profits from frozen Russian assets for Ukraine’s reconstruction are gaining traction among EU and G7 nations.

Despite making Russia the most sanctioned country globally, concerns persist about their long-term effectiveness as Moscow adapts to mitigate the impact.

Further details on sanctions enforcement and their legal implications are being explored in parliamentary briefings.

By Aghakazim Guliyev