UK Targets Russia’s Oil Giants with 90 New Sanctions to Cut War Funding
The UK has imposed new sanctions on Russian oil companies Lukoil and Rosneft, as well as 51 tankers in the shadow fleet, to limit the Kremlin's revenues and increase energy pressure on Russia.
The Gaze reports on it, referring to Reuters.
UK Finance Minister Rachel Reeves said the targeted sanctions are aimed at Russia's two largest oil and gas companies and companies that help circumvent restrictions on oil supplies.
"As Putin's aggression intensifies, we are stepping up our response. The UK will continue to strip away the funding that fuels his war machine. We will hold to account all those enabling his illegal invasion of Ukraine," she said.
At the same time, Britain is increasing pressure on third world countries, including India and China, which continue to buy Russian oil and support its presence on world markets.
The new sanctions cover individuals and entities in the energy and defense sectors, as well as shadow fleet tankers — a network of old ships that Russia uses to circumvent restrictions.
Since Russia's invasion of Ukraine in February 2022, such vessels have increasingly become the target of sanctions by the UK, the U.S., and the EU.
Rosneft and Lukoil together export more than 3 million barrels of oil per day. Rosneft alone accounts for about 6% of global production and nearly half of Russia's. The restrictions also apply to 44 shadow fleet tankers, four oil terminals in China, and Nayara Energy, which imported more than $5 billion worth of Russian oil in 2024.
“Today’s action is another step towards a just and lasting peace in Ukraine, and towards a more secure United Kingdom. The action we are taking against Russian aggression with partners across Europe makes us stronger here at home,” stated Foreign Secretary of the UK, Yvette Cooper.
As The Gaze reported earlier, the United Kingdom and Canada are set to join the European Union’s initiative to channel profits from nearly $300 billion in frozen Russian Central Bank assets held by G7 nations into a new “reparations loan.”