The UK has imposed new sanctions on Russia’s leading oil companies, Rosneft and Lukoil, in an effort to target the core of Russia’s economy. The move is part of a larger set of 90 sanctions aimed at increasing pressure on Moscow’s economy. Rosneft alone accounts for 6% of global oil production and almost half of Russia’s oil output.
Foreign Secretary Yvette Cooper stated that as Europe stands with Ukraine in this crucial moment, the UK and its allies are intensifying pressure on Putin by targeting his oil, gas, and maritime assets. The goal is to push for peace and end Russia’s aggressive actions.
Chancellor Rachel Reeves, currently meeting with G7 ministers in Washington, emphasized that Russian oil will no longer be available in the market. The UK is committed to disrupting the financial resources that support Putin’s military operations in Ukraine.
In a recent meeting with Indian Prime Minister Narendra Modi, Keir Starmer raised concerns about India’s continued purchase of Russian oil despite efforts by European allies to isolate the Kremlin. Starmer highlighted the importance of addressing the issue and working towards a resolution to the conflict.
The discussions also focused on dismantling the Russian shadow fleet and leading a coalition of nations to address the ongoing crisis. The UK and its partners are determined to hold accountable those who support Russia’s illegal invasion of Ukraine.
