Britain has imposed new sanctions on Russia’s two largest oil companies, Lukoil and Rosneft, along with 51 shadow fleet tankers, in an effort to tighten energy restrictions and cut Kremlin revenue supporting the war in Ukraine.
The UK government said the sanctions, announced Wednesday, include asset freezes, director disqualifications, transport restrictions, and a ban on British trust services for Lukoil and Rosneft. The two firms are considered strategically vital to Moscow, generating revenues that sustain Russia’s military campaign.
Finance Minister Rachel Reeves said Britain would also pressure third-country firms, including in India and China, that continue to facilitate Russian oil exports. “There is no place for Russia in global markets,” she said, adding that London would take all steps to prevent Moscow from funding its war.
Russia’s embassy in London criticised the measures, claiming they would destabilise energy markets and raise costs for British businesses and consumers. “These restrictions will not impact Russian foreign policy,” the embassy said.
Rosneft accounts for roughly 40% of Russia’s oil production, while Lukoil is the second-largest and the most internationally exposed Russian oil company. Neither company immediately commented.
The sanctions target 51 ships, including 44 in the so-called shadow fleet, as well as several individuals and entities in energy and defence sectors. Seven LNG tankers and China’s Beihai LNG terminal, which imports from Russia’s sanctioned Arctic LNG2, are also included. India’s Nayara refinery, majority-owned by Rosneft and previously sanctioned by the EU, is among the affected companies.
The UK measures are expected to disrupt shipping and insurance for Russian oil, limiting British-based services for transporting and insuring cargo to Asia. While the shadow fleet, an older network of tankers used to evade sanctions, remains active, several ports in China and India have in the past refused to unload these vessels, complicating Russian oil sales further.
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