The UK has imposed fresh sanctions on Russia’s major oil companies, targeting Rosneft and Lukoil, two of the world’s largest energy firms. Foreign Secretary Yvette Cooper informed lawmakers that these measures are part of 90 new sanctions aimed at impacting the core of Russia’s economy to increase pressure on Moscow. According to the Foreign Office, Rosneft alone accounts for 6% of global oil production and nearly half of Russia’s oil output.
Cooper stated, “At this crucial juncture for Ukraine, Europe is taking decisive actions. The UK and its allies are intensifying pressure on Putin by targeting his oil, gas, and clandestine fleet. We will persist until he abandons his failed war efforts and commits to peace, despite the strain on his war economy, suffering among his people, and significant losses in his army as he continues to attack innocent civilians with drones and missiles.”
Chancellor Rachel Reeves, currently meeting with G7 ministers in Washington, emphasized, “Our message is clear: Russian oil will no longer be available in the market. As Putin’s aggression escalates, our response will be strengthened. The UK remains committed to cutting off the financial resources that support his military actions and will hold accountable all those involved in his illegal invasion of Ukraine.”
The move follows Keir Starmer’s discussion with Indian Prime Minister Narendra Modi regarding India’s continued purchase of Russian oil amid the ongoing conflict in Ukraine. Despite efforts by European allies to increase pressure on the Kremlin, India persists in buying discounted Russian oil.
During their talks, Starmer confirmed, “We did discuss the issue of India purchasing Russian oil this morning with President Modi, outlining the steps we are taking to resolve the conflict. We specifically highlighted our focus on the Russian shadow fleet and our leadership in the coalition of willing nations.”
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