On Wednesday, the United Kingdom expanded its sanctions list to target Russia’s largest oil companies, Lukoil and Rosneft, as well as tankers from Russia’s shadow fleet. This was reported on the UK government’s website.
In total, 90 new sanctions are expected to strike at the main source of funding for Russia’s war, directly targeting Rosneft and Lukoil, the two largest energy companies, which together export 3.1 million barrels of oil per day. Rosneft alone accounts for 6% of global oil production and nearly half of Russia’s total output.
Additionally, four oil terminals in China, 44 shadow fleet tankers transporting Russian oil, and the Indian oil company Nayara Energy Limited—which imported 100 million barrels of Russian oil worth over $5 billion in 2024—are included in the sanctions.
The UK also imposed sanctions on 8 specialized LNG tankers and a Chinese LNG terminal in Beihai. Beihai imports LNG from Arctic LNG2, Russia’s flagship LNG project, which the UK sanctioned in February 2024.
To further limit Kremlin revenues, the UK announced a ban on imports of petroleum products refined in third countries from Russian feedstock.
“Today’s sanctions extend beyond oil, tightening the net around Russia’s key military supply chains by hitting businesses that supply electronics critical for Russian drones and missiles terrorising Ukrainian civilians, across countries including Thailand, Singapore, Turkey, and China,” the statement said.
