Huge blow for Putin’s war machine as UK sanctions Russian oil
Russia’s largest oil companies and global businesses propping up Putin’s illegal war have been hit by fresh sanctions as the UK moves to increase pressure on Kremlin revenues.
-
UK unleashes strongest sanctions yet on Russia, choking off energy revenues that flow into its war chest by directly targeting oil giants Rosneft and Lukoil.
-
Government is taking Russian oil ‘off the market’ as 90 sanctions announced.
-
Foreign Office and Treasury take action in tandem, with Yvette Cooper introducing sanctions in parliament and Rachel Reeves leading discussions with international partners in Washington DC.
The 90 new sanctions strike at the heart of Putin’s war funding, directly targeting Rosneft and Lukoil - two of the world’s biggest energy companies, which together export 3.1 million barrels of oil per day. Rosneft alone is responsible for 6% of global and nearly half of all Russian oil production.
Today’s action demonstrates the government’s determination to cut off Putin’s revenue streams - targeting Russian companies and their global enablers. Four oil terminals in China, 44 tankers in the ‘shadow fleet’ transporting Russian oil, and Nayara Energy Limited - which imported 100 million barrels of Russian crude worth over $5 billion in 2024 alone – have all been hit by this latest wave of sanctions.
The new sanctions, all announced by the Foreign Secretary Yvette Cooper in Parliament today, come as Chancellor Rachel Reeves arrives in Washington DC for the International Monetary Fund Annual Meetings, where she will meet G7 Finance Ministers and attend a Ukraine roundtable to rally global partners to cut off revenues reaching the Russian regime.
Foreign Secretary, Yvette Cooper said:
At this critical moment for Ukraine, Europe is stepping up. Together, the UK and our allies are piling the pressure on Putin - going after his oil, gas and shadow fleet - and we will not relent until he abandons his failed war of conquest and gets serious about peace.
Even with his war economy creaking, his people suffering, and his army enduring unthinkable losses – still he sends drones and missiles after innocent civilians.
Ukraine’s security is important for the security and stability of the whole of Europe and for the UK. Today’s action is another step towards a just and lasting peace in Ukraine, and towards a more secure United Kingdom. The action we are taking against Russian aggression with partners across Europe makes us stronger here at home.
Chancellor Rachel Reeves said:
We are sending a clear signal: Russian oil is off the market.
As Putin’s aggression intensifies, we are stepping up our response. The UK will continue to strip away the funding that fuels his war machine. We will hold to account all those enabling his illegal invasion of Ukraine.
The action also coincides with Putin kicking off Russian Energy Week in Moscow, undermining his efforts to pitch his most valuable funding stream to those across the globe.
As Putin’s vital oil revenues shrink year-on-year under the weight of international sanctions, the Kremlin is scrambling to expand its liquified natural gas (LNG) industry to plug these losses. The UK is today also sanctioning seven specialised LNG tankers and the Chinese Beihai LNG terminal. Beihai has been importing LNG from Arctic LNG2 – the severely disrupted flagship Russian LNG project, sanctioned by the UK in February 2024.
To further restrict the flow of funds to the Kremlin, the UK has today announced that we will ban imports of oil products refined in third countries from Russian-origin crude oil.
By removing Russian oil from the market, taking steps towards peace and in turn building a more secure Europe, we are directly strengthening the UK’s national and energy security – key foundations of this government’s Plan for Change.
More than 85,000 military drones have been delivered by the UK to Ukraine in just six months this year by accelerating production from British companies and supporting jobs in both countries, with £600 million invested by the UK this year.
Today’s sanctions extend beyond oil, tightening the net around Russia’s key military supply chains by hitting businesses that supply electronics critical for Russian drones and missiles terrorising Ukrainian civilians, across countries including Thailand, Singapore, Turkey, and China.
Background
-
Today’s measures come as new data released today reveals that UK sanctions have frozen £28.7 billion of Russian assets since February 2022. The figure, announced in the Office of Financial Sanctions Implementation’s (OFSI) Annual Review 2024-25, highlight the UK’s leading role in choking off the funding streams bankrolling Russia’s illegal invasion of Ukraine – more detail can be found here.
-
A full list of today’s targets can be found here.
-
The UK has sanctioned the two largest Russian oil majors, Rosneft and Lukoil. We previously sanctioned the third and fourth largest, Gazprom Neft and Surgutneftegas in January 2025.
Media enquiries
Email newsdesk@fcdo.gov.uk
Telephone 020 7008 3100
Email the FCDO Newsdesk (monitored 24 hours a day) in the first instance, and we will respond as soon as possible.