UK hits Russia with toughest sanctions yet, targeting oil industry

The UK government reported the information.

The sanctions target:

• four oil terminals in China;
• 44 tankers from the shadow fleet that transport Russian oil;
• The Indian company Nayara Energy Limited, which in 2024 alone imported 100 million barrels of Russian crude oil worth over $5 billion.

"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,” said Foreign Secretary Yvette Cooper.

The action 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.

Putin's oil revenues are shrinking year after year as a result of international sanctions, so the Kremlin is scrambling to expand its liquefied natural gas (LNG) industry to compensate. 

The UK also sanctioned eight specialized 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.