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    Home»Economy & Business»UK imposes sanctions on British accountant over Russia shadow fleet offers
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    UK imposes sanctions on British accountant over Russia shadow fleet offers

    AdminBy AdminMay 20, 2025No Comments2 Mins Read
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    Roula Khalaf, Editor of the FT, selects her favorite tales on this weekly e-newsletter.

    The UK has imposed sanctions on an English accountant for his alleged involvement within the procurement of ships for Russia’s shadow fleet in a uncommon transfer in opposition to a British nationwide.

    John Michael Ormerod was added to UK sanctions lists on Tuesday alongside two Russian ship captains, 18 shadow fleet vessels and 46 monetary establishments that the British authorities mentioned had helped Russian efforts to evade western restrictions.

    The Monetary Instances reported in October that Ormerod had acquired not less than 25 second-hand oil tankers between December 2022 and August 2023 on behalf of Lukoil, Russia’s second-largest oil producer, at a complete price of greater than $700mn.

    Every ship was purchased by a special particular goal firm included by Ormerod within the Marshall Islands, however Lukoil’s Dubai-based Eiger Delivery DMCC offered the funds by paying prematurely to constitution the vessels.

    Delivery monitoring knowledge confirmed that the vessels went on to move greater than 120mn barrels of oil from Russia after they had been initially acquired by Ormerod.

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    Ormerod’s attorneys instructed the FT on the time that he had been approached by Eiger in late 2022 “to purchase ships for his or her normal commerce” and that he undertook “intensive due diligence” to ascertain that the proposed purchases wouldn’t violate any sanctions.

    Paperwork reviewed by the FT confirmed that Ormerod later transferred his possession of not less than 14 of the vessels to a Pakistani nationwide. Ormerod’s attorneys mentioned their consumer had ended his involvement with all 25 of the ships by September of 2023 earlier than any of the person vessels had been sanctioned.

    An Eton-educated chartered accountant, Ormerod, 74, has little public profile however is understood inside London’s close-knit transport business. From 1975, he held a sequence of transport jobs at Hambros Financial institution, Bankers Belief and Den Norske Financial institution earlier than establishing his personal monetary advisory firm, Ormerod Allen & Co, in 1990.

    Ormerod didn’t instantly reply to a request for touch upon Tuesday.

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