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'Among our strongest so far' - UK foreign sec confirms 'major new sanctions against Russia's biggest oil companies, shadow fleet'

'Among our strongest so far' - UK foreign sec confirms 'major new sanctions against Russia's biggest oil companies, shadow fleet'

"UK Foreign Secretary Yvette Cooper announced on Wednesday a new round of sanctions against Russia, which she described as ‘among our strongest so far,’ and said were aimed at crippling the country’s oil and gas revenues, a key source of funding for its war in Ukraine. The new package includes 90 new sanctions, directly targeting Rosneft and Lukoil, Russia’s two largest oil producers, responsible for exporting over 3 million barrels of oil per day. Rosneft alone accounts for nearly 6 percent of global oil production and almost half of Russia’s total output, according to reports. “Major new UK sanctions against Russia's biggest oil companies and shadow fleet, new concerted actions with our partners to choke off oil and gas revenues, and to hit at the heart of the Putin's economy and war machine,” Cooper told Parliament. “We are determined to support our Ukrainian friends and to stand up for our own security.” The measures expand the UK’s total sanctions list to over 2,900 individuals and entities linked to Russia’s war effort. In addition to oil producers, the latest package includes refineries, global importers of Russian oil, suppliers of drone and missile components, and 44 vessels in the so-called ‘shadow fleet,’ tankers used to secretly transport Russian oil in defiance of Western price caps. “With immediate effect, we are sanctioning Russia's two largest oil producers [...] including refineries around the world that are responsible for importing Russian oil [...] Taking billions of dollars of Russian oil off the market,” she added. The UK government has framed the new sanctions as part of a coordinated Western effort to tighten the financial squeeze on Moscow, amid concerns that Russia continues to bypass existing restrictions through third-country networks. The Foreign Secretary also confirmed that the government is working with G7 allies to redirect frozen Russian assets to help rebuild Ukraine. “We will ensure that Ukraine gets the financial support it needs to recover and that Russia is the one to pay,” she said, noting ongoing discussions at the IMF Annual Meetings in Washington, where UK Chancellor Rachel Reeves is pressing for progress on reparations mechanisms."