UK sanctions Russia's oil giants and 'shadow fleet'

The UK government has imposed sanctions on Russia's largest oil producer, Rosneft, as part of its latest economic measures targeting Moscow amid the ongoing war in Ukraine.

- SOPHIE WINGATE

Foreign secretary Yvette Cooper announced that Rosneft and Lukoil - two of the world's most significant energy companies – would face restrictions from Britain.

The Foreign Office highlighted the substantial scale of these firms, noting they collectively export 3.1 million barrels of oil daily.

Rosneft, Russia's biggest company, accounts for 6 per cent of global oil production and nearly half of all Russian oil output. Further action was also taken against the “shadow fleet”, which facilitates Russia’s oil exports.

These new sanctions prohibit UK businesses and individuals from engaging in trade with the designated Russian entities. The announcement coincided with a visit by the speaker of the Ukrainian parliament to the House of Commons yesterday.

Speaking in the Commons, Ms Cooper said: “We will ramp up the pressure on Russia to ensure that their escalation comes at a clear cost. So I am today setting out a further new set of sanctions, among our strongest so far, to tighten the pressure on Russia’s economy.”

The measures are the second announced in a month, and Ms Cooper indicated that more could follow. More than 2,900 Russian individuals, bodies and companies have been sanctioned by the UK government since Russia’s invasion in February 2022.