Britain targeted Russia's two largest oil companies, Lukoil and Rosneft, and 44 shadow fleet tankers on Wednesday in what it described as a new bid to tighten energy sanctions and choke off Kremlin revenues.
Lukoil and Rosneft were designated under Britain's Russia sanctions laws for what London described as their role in supporting the Russian government.
They are subject to an asset freeze, director disqualification, transport restrictions, and a ban on British trust services.
“We are introducing targeted sanctions against the two biggest oil companies in Russia, Lukoil and Rosneft,” said Finance Minister Rachel Reeves during a visit to the United States.
The UK government described the firms as “strategically significant to the Kremlin,” saying their activities contribute to state revenues sustaining Russia’s war.
Reeves added that London is “ramping up pressure on companies in third countries, including India and China, that continue to facilitate the flow of Russian oil onto global markets.”
Russia's embassy in London said the sanctions would backfire by destabilising global energy markets and pushing up costs for British businesses and consumers.
"Contrary to the loud assurances of British leaders, these restrictions will not have any impact on the Russian foreign policy course," the embassy statement said.
The new sanctions target 51 ships, including 44 within the so-called shadow fleet, as well as individuals and entities across sectors including energy and defence.
The latest sanctions also include seven liquefied natural gas tankers and the Chinese Beihai LNG terminal, which has been importing cargoes from the sanctioned Russian Arctic LNG2 facility, Britain said.
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British Chancellor Rachel Reeves has reaffirmed her confidence in the country’s independent fiscal watchdog, the Office for Budget Responsibility (OBR), despite a significant operational blunder that saw sensitive budget details published hours ahead of schedule on Wednesday.
Britain’s Labour government spent Wednesday scrambling to regain control of its economic and political narrative after Chancellor Rachel Reeves unveiled a deeply contentious Budget — one that had already been accidentally leaked online just minutes before she stepped up to the dispatch box.
The British government's decision to label pro-Palestinian group Palestine Action a terrorist organisation will be challenged in court on Wednesday, with lawyers arguing it misuses anti-terrorism laws.
British Prime Minister Keir Starmer said on Tuesday that Ukraine needs “more support now” and confirmed that the UK will send additional air defence missiles in the coming weeks.
At least 47 people have died and another 21 are reported missing following ten days of heavy rainfall, floods, and landslides across Sri Lanka, local media reported on Thursday (27 November).
Hong Kong fire authorities said they expected to wrap up search and rescue operations on Friday after the city's worst fire in nearly 80 years tore through a massive apartment complex, killing at least 128 people, injuring 79 and leaving around 200 still missing.
U.S. Secretary of Defense Pete Hegseth visited sailors aboard the USS Gerald R. Ford aircraft carrier in the Latin American region on Thursday, amid a military buildup by President Donald Trump’s administration that has heightened tensions with Venezuela.
Rescuers in Sri Lanka are racing against rising floodwaters and treacherous terrain today after a powerful storm system slammed into the island nation, killing at least 46 people and displacing tens of thousands in a disaster that threatens to strain the country’s resources.
The Spanish agricultural sector has been placed on high alert following the confirmation that African Swine Fever (ASF) has resurfaced in the country for the first time in over thirty years.
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Russian drones and missiles struck several districts of Kyiv early on Saturday, killing one person and injuring more than a dozen. Fires swept through residential blocks as debris rained over the city.
Shoppers packed malls and downtown streets in Caracas on Black Friday (28 November) as retailers offered discounts despite Venezuela’s prolonged economic crisis. Customers queued in shoe and electronics stores and browsed signs advertising cuts of up to 50%.
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