U.K. Sanctions Ozon Bank and ‘Shadow Fleet’ Vessels in Latest Crackdown
Ozon Bank said the move would not affect its operations since it does not hold foreign assets or use the international SWIFT messaging network and conducts business only within Russia.
On Thursday, the United Kingdom announced fresh sanctions targeting Russian entities and vessels in an ongoing effort to cripple Russia's war economy. Among the six sanctioned banks is Ozon Bank, the financial subsidiary of the Russian e-commerce giant Ozon, with assets valued at 900 billion rubles ($11 billion). The Foreign Office stated that these banks were targeted for their involvement in the strategic financial services sector within Russia.
Ozon Bank responded that the sanctions would not impact its operations, as it does not hold foreign assets or utilize the SWIFT messaging system for international transactions, and conducts all business within Russia.
In addition to the banks, six vessels suspected to be part of Russia's "shadow fleet" were sanctioned. The "shadow fleet" comprises vessels accused by Western governments of evading oil price caps and trade restrictions. An India-based ship management firm faced sanctions for aiding in the sale of one of the targeted vessels, the Arctic Express. Furthermore, four companies were sanctioned for importing tantalum and niobium, rare metals essential for manufacturing military equipment utilized in Ukraine.
UK Foreign Secretary Ed Miliband emphasized the UK's commitment to pressuring Russia until a just and lasting peace in Ukraine is achieved. Since Russia's full-scale invasion of Ukraine in 2022, Britain has imposed sanctions on over 3,400 individuals, entities, and vessels under its Russia sanctions regime. The Moscow Times has been designated as an undesirable organization by Russia's Prosecutor General's Office, putting its staff at risk of prosecution.
The paper, known for its independent journalism, has faced labeling as a foreign agent, a claim the journalists reject, stating their mission is to provide accurate and unbiased reporting on Russia. They urge supporters to contribute to their efforts despite the challenges, emphasizing the importance of defending open, independent journalism in the face of repression.
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