Latest news with #JohnMichaelOrmerod
Yahoo
21-05-2025
- Business
- Yahoo
Britain, EU issue sweeping sanctions targeting Russia's shadow fleet of oil tankers
May 21 (UPI) -- Britain and the European Union have imposed sweeping sanctions targeting Russia, particularly its shadow fleet of oil tankers, over its war in Ukraine. Russia has been accused of operating a shadow fleet of hundreds of oil tankers to illegally sell its sanctioned products, shipping more than $24 billion worth of cargo since the start of last year. Britain earlier this month sanctioned 110 tankers belonging to this shadow fleet and added an additional 18 ships on Tuesday. The EU said its package of sanctions was its largest ever, and targeted 189 vessels. The Washington-based Brookings Institution think tank said in a recent report that Russia's shadow fleet consisted of 343 shipping vessels as of April 25. The two governments separately announced their tranches of sanctions, with Britain also blacklisting 46 financial institutions aiding Russia's sanction-evasion tactics, the St. Petersburg Currency Exchange and the Russian Deposit Insurance Agency. London also sanctioned British national John Michael Ormerod, whom it accuses of procuring ships for Russia's shadow fleet, as well as two Russian captains who operate its vessels. Britain described its punitive measures as targeting Russian President Vladimir Putin's supply chain of weapons systems that have been used in recent attacks killing dozens of Ukrainian civilians. It also sanctioned 14 members of the Social Design Agency, which conducts Russia-funded disinformation campaigns seeking to undermine the sovereignty, democracy and rule of law in Ukraine and worldwide. The EU similarly blacklisted operators of the shadow fleet vessels, as well as major Russian oil company Surgutneftegaz, 45 Russian companies and individuals involved in the Kremlin's military-industrial sector and those accused of looting cultural heritage in Crimea and the illegal exploitation of Ukrainian agricultural products. Thirty-one new entities have also been added to a list of dual-use goods and technologies subject to tighter export controls. To date, the EU has sanctioned more than 2,400 individuals and entities since Russia invaded Ukraine on Feb. 24, 2022. "While Putin feigns interest in peace, more sanctions are in the works," Kaja Kallas, the EU's top diplomat, said in a statement. "Russia's actions and those who enable Russia face severe consequences. The longer Russia persists with its illegal and brutal war, the tougher our response will be."
Hindustan Times
20-05-2025
- Business
- Hindustan Times
UK sanctions British accountant over alleged Russian ship deals
The UK sanctioned an English accountant for allegedly helping Russia expand the fleet of tankers it uses to covertly ship crude around the globe. The British government added John Michael Ormerod, a UK national, two Russian ship captains, 18 vessels and 46 financial institutions to its sanctions list, according to a notice Tuesday. It's part of a broader effort by the UK and European Union to clamp down on Russia's use of a so-called shadow fleet to evade sanctions against its oil sector. The UK is also working lower the $60 per barrel price cap on Russian crude exports, according to the notice.
Yahoo
20-05-2025
- Business
- Yahoo
Etonian financier ‘procured ships for Putin's shadow fleet'
An Eton-educated accountant has been sanctioned by the Government over procuring ships for Russia's 'shadow fleet'. John Michael Ormerod, a 74-year-old shipping industry veteran, furnished Moscow with 25 vessels that helped it avoid Western sanctions on global oil sales, according to an investigation by the Financial Times last year. The ships helped Russia earn at least $7.2 billion, the newspaper reported, carrying about 120 million barrels of oil. Announcing fresh sanctions on the fleet, a statement from the Foreign Office said: 'This action [against Mr Ormerod] imposes a personal cost on those who are supporting Russia's trade in oil.' Donald Trump has also threatened to impose 'secondary' sanctions on nations that purchase Russian oil, should Vladimir Putin not commit to peace with Ukraine. However, he pushed back on the idea of sanctioning Russia itself during a call with Ukrainian president Volodymyr Zelensky and five European leaders on Monday, Axios reported. Sources who were on the call – which came hours after he spoke with the Russian president – said some European leaders were 'shocked' and 'surprised' at the US president's response. In December 2022, the UK, US and EU blocked companies in the G7 from transporting Russian oil unless it was sold at a discount. This prompted Russia to establish a shadow fleet of about 400 old tankers registered in countries outside the organisation. The rusty fleet, flagged under nations including Gabon and Liberia, has allowed Moscow to skirt the impact of the sanctions intended to slash revenues from its energy exports. The ships carry vast cargoes of oil to willing purchasers in India, China and elsewhere. Efforts to sanction the vessels have been hampered by the difficulty of determining their ownership, which is often obscured through offshore corporate structures. According to the Financial Times, Mr Ormerod created a network of offshore companies in the Marshall Islands to buy the 25 ships. The $700 million needed to fund the purchases was provided by Eiger Shipping DMCC, a Dubai-based subsidiary of Russia's state-owned Lukoil, for the purposes of chartering the vessels. Although Lukoil is under Western sanctions, Eiger Shipping DMCC is not. Dubai-based companies are also not bound by the G7 sanctions so long as they do not use Western financing or services. On Tuesday, the Foreign Office announced it had sanctioned Eiger Shipping, under its new name Rhodania Shipping SA. In a statement to the Financial Times last year, Mr Ormerod's lawyers said he was approached by Eiger Shipping in late 2022 to purchase ships for their 'general trade'. He did 'extensive due diligence' to ensure the proposed purchases would not violate sanctions, they added. The sanctions announced today will freeze Mr Ormerod's UK assets, barring him from accessing bank accounts and other sources of wealth. Since the war began, Russia has earned around £760 billion from sales of oil, gas and coal, according to the Centre for Energy and Clean Air (CREA), a Helsinki-based think tank. That is more than double the £300 billion provided and pledged to Ukraine by Europe and the US. Western sanctions on the shadow fleet have started to curtail its operations. Before leaving office, Joe Biden sanctioned 155 tankers, effectively knocking them out of business. On Tuesday, the UK announced sanctions on 18 vessels, adding to the 100 or so already targeted. In March, Russia saw a 36 per cent month-on-month increase for oil on tankers registered in the G7, subjecting its profits to the $60 Western price cap. Moscow has begun to respond more aggressively. Last week, Russian fighter jets briefly entered Estonian airspace after one shadow fleet tanker was detained. Credit: X/@M_Simonyan A Greek tanker was later seized after briefly entering Russian territorial waters on a pre-approved route out of the Gulf of Finland. 'This is definitely connected to the fact that we have started to harass Russia's shadow fleet,' said Margus Tsahkna, Estonia's foreign minister. In its statement on Tuesday, the Foreign Office added that it was working with allies to review the $60 oil price cap. The EU, which imposed its 17th round of sanctions on Russia on Tuesday, is likely to propose a $50 cap, according to recent reports. The current benchmark for a barrel of Brent crude stands at $65. US leadership, analysts argue, would be critical in ratcheting up sanctions to effectively crippled Russia's energy export business. However following his one-to-one call with Putin on Monday, the US president gave little sign he intends to follow through with his previous 'secondary' sanctions threats, despite the Russian dictator rebuffing his calls for a 30-day ceasefire. He described the 'tone' and 'spirit' of the call as 'excellent'. In a later statement posted on his X account, Mr Zelensky said: 'It is crucial for all of us that the United States does not distance itself from the talks and the pursuit of peace.' 'If the Russians are not ready to stop the killings, there must be stronger sanctions,' he added. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Telegraph
20-05-2025
- Business
- Telegraph
Etonian financier ‘procured ships for Putin's shadow fleet'
An Eton-educated accountant has been sanctioned by the Government over procuring ships for Russia's 'shadow fleet'. John Michael Ormerod, a 74-year-old shipping industry veteran, furnished Moscow with 25 vessels that helped it avoid Western sanctions on global oil sales, according to an investigation by the Financial Times last year. The ships helped Russia earn at least $7.2 billion, the newspaper reported, carrying about 120 million barrels of oil. Announcing fresh sanctions on the fleet, a statement from the Foreign Office said: 'This action [against Mr Ormerod] imposes a personal cost on those who are supporting Russia's trade in oil.' Donald Trump has also threatened to impose 'secondary' sanctions on nations that purchase Russian oil, should Vladimir Putin not commit to peace with Ukraine. However, he pushed back on the idea of sanctioning Russia itself during a call with Ukrainian president Volodymyr Zelensky and five European leaders on Monday, Axios reported. Sources who were on the call – which came hours after he spoke with the Russian president – said some European leaders were 'shocked' and 'surprised' at the US president's response. In December 2022, the UK, US and EU blocked companies in the G7 from transporting Russian oil unless it was sold at a discount. This prompted Russia to establish a shadow fleet of about 400 old tankers registered in countries outside the organisation. The rusty fleet, flagged under nations including Gabon and Liberia, has allowed Moscow to skirt the impact of the sanctions intended to slash revenues from its energy exports. The ships carry vast cargoes of oil to willing purchasers in India, China and elsewhere. Efforts to sanction the vessels have been hampered by the difficulty of determining their ownership, which is often obscured through offshore corporate structures. According to the Financial Times, Mr Ormerod created a network of offshore companies in the Marshall Islands to buy the 25 ships. The $700 million needed to fund the purchases was provided by Eiger Shipping DMCC, a Dubai-based subsidiary of Russia's state-owned Lukoil, for the purposes of chartering the vessels. Although Lukoil is under Western sanctions, Eiger Shipping DMCC is not. Dubai-based companies are also not bound by the G7 sanctions so long as they do not use Western financing or services. In a statement to the Financial Times last year, Mr Ormerod's lawyers said he was approached by Eiger Shipping in late 2022 to purchase ships for their 'general trade'. He did 'extensive due diligence' to ensure the proposed purchases would not violate sanctions, they added. Since the war began, Russia has earned around £760 billion from sales of oil, gas and coal, according to the Centre for Energy and Clean Air (CREA), a Helsinki-based think tank. That is more than double the £300 billion provided and pledged to Ukraine by Europe and the US. Western sanctions on the shadow fleet have started to curtail its operations. Before leaving office, Joe Biden sanctioned 155 tankers, effectively knocking them out of business. On Tuesday, the UK announced sanctions on 18 vessels, adding to the 100 or so already targeted. In March, Russia saw a 36 per cent month-on-month increase for oil on tankers registered in the G7, subjecting its profits to the $60 Western price cap. Moscow has begun to respond more aggressively. Last week, Russian fighter jets briefly entered Estonian airspace after one shadow fleet tanker was detained. A Greek tanker was later seized after briefly entering Russian territorial waters on a pre-approved route out of the Gulf of Finland. 'This is definitely connected to the fact that we have started to harass Russia's shadow fleet,' said Margus Tsahkna, Estonia's foreign minister. In its statement on Tuesday, the Foreign Office added that it was working with allies to review the $60 oil price cap. The EU, which imposed its 17th round of sanctions on Russia on Tuesday, is likely to propose a $50 cap, according to recent reports. The current benchmark for a barrel of Brent crude stands at $65. US leadership, analysts argue, would be critical in ratcheting up sanctions to effectively crippled Russia's energy export business. However following his one-to-one call with Putin on Monday, the US president gave little sign he intends to follow through with his previous 'secondary' sanctions threats, despite the Russian dictator rebuffing his calls for a 30-day ceasefire. He described the 'tone' and 'spirit' of the call as 'excellent'. In a later statement posted on his X account, Mr Zelensky said: 'It is crucial for all of us that the United States does not distance itself from the talks and the pursuit of peace.' 'If the Russians are not ready to stop the killings, there must be stronger sanctions,' he added.
Yahoo
20-05-2025
- Business
- Yahoo
UK extends sanctions against Russia in response to latest large-scale drone attack on Ukraine
The UK government has announced the extension of sanctions against Russia in response to the large-scale Russian UAV attack on Ukraine on the night of 17-18 May. Source: European Pravda; a statement by the UK government Details: The sanctions will affect 100 facilities in Russia's defence, energy and financial sectors, as well as those waging an information war against Ukraine. The measures target supply chains for Russian weapons systems, including Iskander ballistic missiles. The sanctions also target 14 other members of the Social Design Agency (SDA), which conducts Kremlin-funded information operations designed to undermine sovereignty, democracy and the rule of law in Ukraine and around the world. In addition, these measures will disrupt Putin's efforts to avoid sanctions and help block his failed attempts to re-establish ties with the international economy. The restrictions include 46 financial institutions that help Russia evade sanctions, as well as the St Petersburg Currency Exchange and the Russian Deposit Insurance Agency, which insures Russian banks. The sanctions will also apply to 18 shadow fleet vessels transporting Russian oil and to those who facilitate the activities of this fleet. In addition, sanctions were imposed against a British citizen, John Michael Ormerod, who purchased ships for Russia's shadow fleet, and two Russian tanker captains of the shadow fleet. "Putin's latest strikes once again show his true colours as a warmonger. We urge him to agree a full, unconditional ceasefire right away so there can be talks on a just and lasting peace," said David Lammy, UK Foreign Secretary. The UK is also working with partners on a proposal to lower the price ceiling on Russian oil. Background: On the night of 17-18 May, Russia attacked Ukraine with 273 attack drones; 88 of them were shot down, while another 128 disappeared from radar. On 20 May, the EU also approved a new package of sanctions against Russia, the 17th in a row since the start of the full-scale invasion of Ukraine. The 18th package of sanctions against Russia, which the EU is already working on, may include restrictions on banks outside the European Union that support the Russian defence industry and armed forces, in addition to Russian banks. On 16 May, European Commission President Ursula von der Leyen said that the new package of EU sanctions against Russia, which is being prepared to increase pressure on Kremlin leader Vladimir Putin, may include sanctions against Russian financial institutions. Support Ukrainska Pravda on Patreon!
