U.K. Lifts Sanctions on British Financier Tied to Russia’s Shadow Fleet

The U.K. government lifted sanctions on British financier John Michael Ormerod, previously designated for purchasing dozens of tankers later used by Russia’s shadow fleet, after he publicly warned others against dealings that could support Moscow; investigations tied his Marshall Islands SPVs and Lukoil-linked financing to vessels transporting over 120 million barrels of Russian oil, and he emphasized that even experienced financiers can be unintentionally caught in sanctions regimes.