The European Union wants to sanction Litasco, the Lukoil division that manages the Shadow Fleet
The European Union is considering imposing sanctions on Litasco Middle East DMCC, a division of Lukoil, for aiding the “shadow fleet” transporting Russian oil.
The European Union is considering imposing sanctions against Litasco Middle East DMCC , the trading arm of Dubai-based Russian oil giant Lukoil PJSC, as part of new sweeping measures against Moscow's fleet of shadow oil tankers, UNN reports, citing Bloomberg.
The details
The move, described in documents seen by Bloomberg, would be the first time Western governments have attempted to sanction a Litasco unit since the invasion of Ukraine. Its parent company, Lukoil, was the second-biggest seller of Russian crude on foreign markets last year.
Proposals must be supported by all Member States and may change before being adopted. They are part of the EU's 17th package of sanctions against Moscow over its invasion of Ukraine, in which the bloc seeks to increase pressure on the Kremlin by targeting its energy revenues and its ability to wage war against its neighbor.
Litasco Middle East is under attack for allegedly facilitating the growth of the so-called shadow fleet of ships carrying Russian oil, according to a proposal. The buildup of old, unregulated oil tankers has led European capitals to call for tougher sanctions on Moscow's energy revenues in a bid to pressure Russian dictator Vladimir Putin to end his war.
Dubai, where the Litasco branch under accusation is based
The breadth
In total, the measures will affect around 60 people and around 150 ships, bringing the number of ships sanctioned by the EU to more than 300, as previously reported by Bloomberg.
The list also includes VSK, Russia's largest insurance company, which was blacklisted by British authorities last year, and PJSC Surgutneftegaz, a company that the Biden administration had sanctioned before leaving office earlier this year.
The latter was the third-largest exporter of Russian crude, accounting for nearly 12% of last year's sales in foreign markets excluding former Soviet countries, according to Bloomberg calculations based on industry data.
Litasco as a whole has bounced back in recent months, hiring operators in various offices around the world. The company faced an outflow of staff after Russia launched its invasion in 2022.
The publication recalls that the EU intends to adopt a package of sanctions at the end of this month.
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The article The European Union wants to sanction Litasco, the Lukoil division that manages the Shadow Fleet comes from Economic Scenarios .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/lunione-europa-vuole-sanzionare-litasco-la-divisione-di-lukoil-che-gestisce-la-flotta-ombra/ on Wed, 07 May 2025 15:04:27 +0000.