UK To Ban Shipping & Insurance Services For Russian LNG Exports By 2026

The United Kingdom will ban British companies from providing maritime services, such as shipping and insurance, for Russian liquefied natural gas (LNG) exports. The move is part of Britain’s effort to reduce Moscow’s energy revenue and support Ukraine in the ongoing war.

The UK Foreign Office said the ban will be rolled out through 2026, in coordination with European partners. This means British companies will no longer be able to help transport Russian LNG to other countries. Imports of Russian LNG to the UK itself have already been banned since 2023.

Foreign Secretary Yvette Cooper announced the decision ahead of the Group of Seven (G7) foreign ministers’ meeting in Niagara, Canada. She is expected to call on other allies to keep supporting Ukraine as the conflict enters its fourth winter.

Along with the ban, Britain has pledged an extra £13 million (about $17.5 million) to help Ukraine repair its energy system and assist people who are struggling with heating and power shortages this winter.

The Foreign Office said Russia has stepped up attacks on Ukraine’s power and heating systems in recent weeks. Cooper said through a statement that Russia is trying to leave Ukraine in darkness and cold as winter arrives, and that such attacks threaten both Ukraine’s and global economic security.

The UK’s latest step comes after similar moves by its allies. In October, the European Union agreed to ban Russian LNG imports from 1 January 2027, while the UK and the United States sanctioned Russia’s two biggest oil companies, Rosneft and Lukoil.

British officials said the new ban aims to stop Russia from using British maritime services to export its gas and to further cut the funds Moscow uses to continue the war.

Reference: Reuters

Source: Maritime Shipping News