Britain is targeting Russia’s largest oil companies and the country’s “shadow fleet” of oil tankers in a bid to cut off Vladimir Putin’s ability to fund the war in Ukraine.
The UK government is also pursuing a major Indian oil refinery and four Chinese oil terminals in a package of 90 new sanctions.
Chancellor Rachel Reeves said the move was expected to have a significant impact on Russia’s economy and its ability to sustain military operations in Ukraine.
“We are sending a clear signal: Russian oil is off the market,” she said ahead of a meeting in Washington DC with global counterparts to discuss Russian sanctions.
Reeves said the government was “significantly stepping up the pressure on Russia and Vladimir Putin’s war effort.”
Russia’s two largest oil companies – Lukoil and Rosneft – will be hit with sanctions, Reeves said on the sidelines of the International Monetary Fund’s (IMF) annual meeting.
“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,” she said.
“There is no place for Russian oil on global markets and we will take whatever actions are necessary to destroy the capability of the Russian government to continue this illegal war in Ukraine.”
The government was also sanctioning 44 tankers that operate in Russia’s “shadow fleet” transporting oil around the world, Reeves said in a joint statement with the Foreign Secretary Yvette Cooper.
The two Russian oil firms export 3.1 million barrels of oil per day. Rosneft is responsible for nearly half of all Russian oil production, which makes up 6% of the global output, according to the government.
Credit: bbc.com
