U.K. Sanctions Ozon Bank and ‘Shadow Fleet’ Vessels in Latest Crackdown

Aug. 6, 2026 REUTERS / Anton Vaganov Britain on Thursday announced new sanctions targeting Russian banks, “shadow fleet” vessels and importers of rare metals as part of ongoing efforts to squeeze Russia’s war economy. Among the six newly sanctioned lenders is Ozon Bank, the financial arm of Russian e-commerce giant Ozon and the country’s 18th largest bank, with 900 billion rubles ($11 billion) in assets. Britain’s Foreign Office said the banks were targeted for operating within Russia's strategic financial services sector. 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. Britain also sanctioned six vessels suspected of belonging to Russia’s so-called “shadow fleet,” which Western governments accuse of circumventing oil price caps and trade restrictions. An India-based ship management firm was also sanctioned for facilitating the sale of one of the targeted vessels, the Arctic Express. In addition, four companies were sanctioned for importing tantalum and niobium — rare metals critical to manufacturing military equipment used in Ukraine. “Ukraine’s fight is our fight… That’s why we will continue stepping up the pressure on Russia until a just and lasting peace has been reached,” U.K. Foreign Secretary Ed Miliband said in a statement. Since Russia launched its full-scale invasion of Ukraine in 2022, Britain has sanctioned more than 3,400 individuals, entities and vessels under its Russia sanctions regime. Read more about: United Kingdom , Sanctions , Banks Sign up for our free weekly newsletter Our weekly newsletter contains a hand-picked selection of news, features, analysis and more from The Moscow Times. You will receive it in your mailbox every Friday. Never miss the latest news from Russia. Preview Subscribers agree to the Privacy Policy We sent a confirmation to your email. Please confirm your subscription. A Message from The Moscow Times: Dear readers, We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent." These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia. We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help. Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact. By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us. Once Monthly Annual Continue Not ready to support today? Remind me later. × Remind me next month Remind me Thank you! Your reminder is set. We will send you one reminder email a month from now. For details on the personal data we collect and how it is used, please see our Privacy Policy. Read more U.K. Sanctions Russian ‘Disinformation’ Outfit Over Plot to Sway Armenian Elections The new measures target 49 employees of the Social Design Agency, a group already under Western sanctions for alleged election interference. 2 Min read U.K. Unveils Sweeping Sanctions on Russia and Its Global Backers The latest sanctions include arms producers and suppliers in Central Asia, Turkey, Thailand, India and China, as well as Kyrgyzstan-based OJSC Keremet... 2 Min read U.K. to Unveil Sweeping Sanctions Against Russia London will target Russia's financial, aviation, military and energy sectors, including through bank asset freezes, travel bans, and trade restrictions... 2 Min read Turkish Banks Close Russian Corporate Accounts Over Secondary Sanctions – Vedomosti At least two Turkish banks started closing the accounts of a “significant number” of Russian companies and banks after the U.S. threatened to blacklist... 2 Min read