On 12 November, the UK announced a new, large-scale package of sanctions against the Russian energy sector. The restrictions target the oil company Slavneft, the Arctic project Vostok Oil, major coal enterprises and vessels belonging to Russia’s «shadow fleet». London became the first country to extend sanctions to all ten of Russia’s largest oil producers.
- The UK has imposed sanctions on all ten of Russia’s largest oil producers.
- The new restrictions have affected «Slavneft» and Rosneft’s Arctic project, «Vostok Oil».
- The sanctions list also includes coal companies and vessels belonging to the «shadow fleet».
- London is stepping up economic pressure on Moscow despite progress in the peace talks.
Britain has imposed sanctions on Russia’s largest oil producers
The new package of sanctions is aimed at reducing the revenue Russia derives from the extraction and export of energy resources. This was announced by the British Government on the eve of talks between European leaders at the European Political Community summit in Dublin.
One of the main objectives was the company «Slavneft». Its inclusion on the sanctions list means that the UK has now imposed restrictive measures on all ten of Russia’s largest oil producers.
London had previously imposed sanctions on Rosneft, Lukoil, Transneft and other companies in the oil sector. In October, the British government reported that the restrictions in place at that time covered over 90 per cent of Russia’s oil production capacity.
«Vostok Oil» and vessels belonging to the «shadow fleet» have been hit by sanctions»
«Vostok Oil» – Rosneft’s large-scale Arctic oil and gas project, located in the north of the Krasnoyarsk Krai – has been singled out as a specific target in the new package of sanctions.
The project involves the development of oil fields and the creation of infrastructure for the export of raw materials. The British restrictions are intended to hamper its financing and international cooperation.
The sanctions also apply to vessels carrying Russian oil and liquefied natural gas, as well as to major Russian coal companies.
London is therefore stepping up pressure not only on energy production, but also on the transport and trade networks through which Russia generates its export revenues.
Bernam called for the pressure on Russia not to be eased
Prime Minister of the United Kingdom Andy Burnham, who is attending the European Political Community summit in Dublin, linked the new sanctions to the need to maintain pressure on Moscow during the peace talks.
According to him, the negotiation process aimed at ending the war in Ukraine has made progress, but this is no reason to ease the economic pressure on Russia.
The British Prime Minister emphasised the need to secure a full and immediate ceasefire. According to London’s plan, the new sanctions are intended to reduce Russia’s oil revenues and strengthen its economic incentives to end the war.
The announcement of the UK’s package came as the European Union was preparing to expand its own sanctions lists. In particular, the EU is discussing additional restrictions on Russian banks, companies and individuals.
