“We are introducing targeted sanctions against the two biggest oil companies in Russia, Lukoil and Rosneft. At the same time, we are ramping up pressure on companies in third countries, including India and China, that continue to facilitate getting Russia oil onto global markets.” UK finance minister Rachel Reeves
LONDON: Britain on Wednesday targeted Russia’s two largest oil companies, Lukoil and Rosneft, and 51 shadow fleet tankers in what it described as a fresh bid to tighten energy sanctions and choke off Kremlin revenues.
“We are introducing targeted sanctions against the two biggest oil companies in Russia, Lukoil and Rosneft,” finance minister Rachel Reeves told reporters while on a trip in the United States.
“At the same time, we are ramping up pressure on companies in third countries, including India and China, that continue to facilitate getting Russia oil onto global markets.”
She said there was “no place for Russia on global markets” and that Britain would take all necessary steps to stop Moscow from funding its war in Ukraine.
The new sanctions target 51 ships within the shadow fleet, as well as individuals and entities across sectors including energy and defence.
The shadow fleet has increasingly been the target of sanctions from Britain, the United States and the European Union since Russia’s invasion of Ukraine in February 2022.
It is a network of older tankers that officials say are used to avoid sanctions on Russian oil.
Russia’s embassy in London did not immediately respond to a request for comment.