UK announces new round of Russia sanctions targeting financial services, 'shadow fleet'

LONDON, Oct 8 (Reuters) - Britain's Foreign Office announced on Thursday new sanctions targeting individuals and entities it said were involved in the production or transport of Russian oil, facilitating military manufacturing and circumventing financial services sanctions.

The 38 new designations are part of Britain's effort to squeeze Russia's ability to fund and equip its war in Ukraine, targeting the oil revenue, financial channels and military supply chains that sustain Moscow's war economy.

The package included:

• A further 12 oil tankers which Britain says are operating as part of Russia's shadow fleet and helping Moscow evade sanctions on oil exports
• Three crypto exchanges and two payment platforms suspected by Britain of being used by Russia to circumvent financial sanctions. Britain said two of those entities had processed and facilitated transactions with the A7 illicit finance network
• Seventeen entities and individuals involved in the supply of goods deemed by the UK, US and EU to be critical for the Russian war effort, including Russia-based importers of machine tools, electronics and materials used to produce missiles and drones

A statement from Russia's embassy in London, reported by state news agency RIA Novosti, said: "Each new sanctions package is intended to demonstrate the resolve of the British authorities, but in reality it highlights the ineffectiveness and futility of the course they have chosen."

(Reporting by William James; editing by Sam Tobin and Gareth Jones)