Europe Tightens The Screws on Russia’s Oil Trade

European countries are ramping up sanctions pressure on Russia as they look to reduce Vladimir Putin’s oil revenues that fund the war in Ukraine. The UK and the European Union announced this week a raft of new sanctions that target Russia’s shadow fleet of tankers enabling oil trade. The UK went further, sanctioning two trading firms, which it described as “key lynchpins in enabling the trading of Putin’s precious oil.” Moreover, the UK and other countries around the North Sea and the Baltic Sea are stepping up efforts…