The United Kingdom on Wednesday announced a sweeping new wave of sanctions on Russia’s oil sector, placing India’s Nayara Energy Limited among nearly 90 entities and individuals for allegedly enabling
the flow of billions of dollars in oil revenues to Moscow.
The sanctions, jointly announced by the Foreign, Commonwealth and Development Office (FCDO) and the UK Treasury, are described as London’s “strongest yet” and aim to cut off Russian President Vladimir Putin’s key energy revenues that continue to fund his war in Ukraine.
According to the FCDO, Nayara Energy allegedly imported nearly 100 million barrels of Russian crude in 2024, valued at more than USD 5 billion. The company, in which Russia’s Rosneft holds a major stake, is among several global refiners accused of indirectly sustaining Moscow’s oil trade despite Western efforts to restrict it.
The sanctions target Russia’s two biggest oil producers, Rosneft and Lukoil, as well as four Chinese oil terminals and 44 tankers from the alleged “shadow fleet” used to transport Russian crude across global markets.
UK Foreign Secretary Yvette Cooper, announcing the sanctions in Parliament, said the measures demonstrate “Europe stepping up” at a “critical moment” for Ukraine.
“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,” she said.
“Ukraine’s security is vital for the stability of Europe and for the UK. Today’s action is another step towards a just and lasting peace in Ukraine,” Cooper added.
Chancellor Rachel Reeves, who is in Washington DC for the IMF Annual Meetings, said the sanctions send a clear message that Russian oil is “off the market.”
“As Putin’s aggression intensifies, we are stepping up our response. The UK will continue to strip away the funding that fuels his war machine,” Reeves said.
The new round of penalties also includes restrictions on liquified natural gas (LNG) infrastructure, sanctioning seven specialised LNG tankers and China’s Beihai terminal, which has been importing gas from Russia’s Arctic LNG2 project which is already under UK sanctions since early 2024.
