On Tuesday, the UK has announced a major sanctions package aimed at choking off Russia's war effort across multiple fronts.
The latest round of punitive action by the UK includes 70 new sanctions targeting Russia's illicit shadow fleet, military procurement supply chains, and illicit finance networks used to circumvent Western sanctions.
The sanctions further crack down on Russia's decrepit and ageing shadow fleet, targeting more than 20 oil tankers with new and enhanced powers introduced last month. The UK is also tightening the net around those who are suspected of enabling the Putin regime's illicit oil trade, further sanctioning ship insurers and other shipping services.
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Political News
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.