Tuesday, 02 January 2024 12:17 GMT

UK Expands Sanctions Imposed on Russia’s Top Oil Producers


(MENAFN) The United Kingdom has broadened its energy sanctions against Russia’s top oil producers, Lukoil and Rosneft, by extending restrictions to their international affiliates, a document published Wednesday on the British government’s website reveals.

The expanded sanctions impose asset freezes alongside tighter controls on services and transportation linked to the Russian firms, which were already subject to sectoral sanctions. Notably, vessels owned, controlled, chartered, or operated by Rosneft are now banned from entering UK ports, while aircraft connected to the company are forbidden from flying over or landing in the country.

“At the same time, we are ramping up pressure on companies in third countries, including India and China, that continue to facilitate getting Russian oil onto global markets,” British Finance Minister Rachel Reeves said during a visit to the United States, as cited by media.

Among the newly targeted entities is Nayara Energy, an Indian private Indo-Russian company in which Rosneft holds a 49% stake. The sanctions also list China’s National Pipeline Group Beihai Liquefied Natural Gas, penalized for its involvement with vessels subject to British restrictions.

The UK has further blacklisted 51 oil tankers identified as part of a Russian “shadow fleet” used for crude oil transportation. Beyond energy, the sanctions extend to Russia’s National Payment Card System and several banks—Transstroibank, Primsocbank, BBR Bank, and Solid Bank—due to their roles in sectors deemed strategically vital by the Kremlin.

Previously, reports revealed the UK allocated roughly £756,000 (about $1 million) between 2024 and 2025 to evaluate the impact of its sanctions on Russia. Just last month, London widened its sanctions framework, incorporating companies from Hong Kong, Thailand, India, and Türkiye.

Since Russia’s invasion of Ukraine in 2022, Western nations have enforced comprehensive sanctions, which Moscow condemns as unlawful. Kremlin spokesman Dmitry Peskov labeled these measures a “double-edged sword,” warning, “each new package adds a negative effect for the countries joining it.” He added Russia has developed “a certain immunity” to Western sanctions.

MENAFN23102025000045017169ID1110236053



Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.

Search