UK Sanctions Russia's Lukoil and Rosneft, Targets Shadow Fleet
Britain targets Russia's largest oil companies and shadow fleet tankers in an effort to tighten energy sanctions and curb Kremlin revenues.
LONDON: The United Kingdom has imposed targeted sanctions against two of Russia's largest oil companies, Lukoil and Rosneft, as well as 51 shadow fleet tankers, aiming to further restrict the flow of Russian oil onto global markets.
Finance Minister Rachel Reeves announced these measures during a trip to the United States.
The sanctions on Lukoil and Rosneft are part of the UK's ongoing efforts to disrupt the financial resources available to the Kremlin for its military operations, particularly in the context of the conflict in Ukraine.
The British government is also increasing pressure on countries such as India and China that continue to facilitate Russian oil exports.
Reeves emphasized that there is no place for Russian oil in global markets and pledged to take all necessary steps to prevent Moscow from funding its military campaigns.
These sanctions target specific individuals, entities, and sectors within the energy and defense industries of Russia.
The shadow fleet, comprising older tankers, has been a focal point of recent sanctions efforts by the UK, the US, and the European Union since the Russian invasion of Ukraine in February 2022.
This network of vessels is allegedly used to circumvent international sanctions on Russian oil exports.
Russia's embassy in London did not immediately respond to a request for comment regarding these latest sanctions.
Finance Minister Rachel Reeves announced these measures during a trip to the United States.
The sanctions on Lukoil and Rosneft are part of the UK's ongoing efforts to disrupt the financial resources available to the Kremlin for its military operations, particularly in the context of the conflict in Ukraine.
The British government is also increasing pressure on countries such as India and China that continue to facilitate Russian oil exports.
Reeves emphasized that there is no place for Russian oil in global markets and pledged to take all necessary steps to prevent Moscow from funding its military campaigns.
These sanctions target specific individuals, entities, and sectors within the energy and defense industries of Russia.
The shadow fleet, comprising older tankers, has been a focal point of recent sanctions efforts by the UK, the US, and the European Union since the Russian invasion of Ukraine in February 2022.
This network of vessels is allegedly used to circumvent international sanctions on Russian oil exports.
Russia's embassy in London did not immediately respond to a request for comment regarding these latest sanctions.