UK Imposes Toughest-Ever Sanctions On Russia, Targeting Oil Giants Rosneft & Lukoil

The United Kingdom has imposed its strongest round of sanctions yet against Russia, directly targeting the country’s oil industry and global businesses accused of supporting President Vladimir Putin’s war in Ukraine.

A total of 90 new sanctions have been announced, aimed at cutting off the Kremlin’s energy revenues by focusing on Russian oil giants Rosneft and Lukoil. Together, the two companies export around 3.1 million barrels of oil per day, with Rosneft alone accounting for nearly 6% of global oil production and almost half of Russia’s output.

The measures, introduced in Parliament by Foreign Secretary Yvette Cooper, coincide with Chancellor Rachel Reeves’s visit to Washington DC for the International Monetary Fund Annual Meetings. There, Reeves is expected to meet G7 Finance Ministers and attend a Ukraine roundtable to rally international partners in further isolating Russia’s war economy.

The new sanctions also extend to four oil terminals in China, 44 tankers from Russia’s “shadow fleet”, and Nayara Energy Limited, which imported over 100 million barrels of Russian crude oil worth more than $5 billion in 2024.

Officials confirmed that the sanctions were jointly implemented by the Foreign Office and the Treasury, marking one of the most comprehensive actions yet against Russia’s energy exports.

Seven specialised LNG tankers and China’s Beihai LNG terminal have been sanctioned for their connections to Arctic LNG 2, a flagship Russian project already restricted by the UK since February 2024.

The British government further announced a ban on imports of oil products refined in third countries using Russian-origin crude, closing potential loopholes that previously allowed Russian oil to indirectly enter global supply chains.

Yvette Cooper said that Europe was stepping up efforts to pressure Russia. She said that the UK and its allies were working together to target Putin’s oil, gas, and shadow fleet, and would continue to do so until Russia ended its “war of conquest” and engaged seriously in peace efforts.

Cooper added that despite a weakening economy and heavy battlefield losses, the Russian government continued to attack Ukrainian civilians, calling Ukraine’s stability vital for Europe and the UK’s security.

Chancellor Rachel Reeves, speaking from Washington, stated that the sanctions send a clear message that “Russian oil is off the market.” She added that as Russia’s aggression continues, the UK would keep dismantling the financial structures fuelling its war and hold accountable those supporting the invasion.

Meanwhile, the UK has increased direct support for Ukraine’s defence. In the past six months alone, over 85,000 military drones have been delivered to Ukrainian forces, with £600 million invested in British defence production. The initiative is supporting manufacturing jobs in both countries.

Reference: UK Gov

Source: Maritime Shipping News