Britain has taken action against several companies to restrict Russian oil trade, including major Russian oil companies as well as an Indian company.

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UK Sanctions Oil Companies: The UK government has taken a major step. Britain has announced 90 new sanctions on Russian oil companies and the Indian petroleum company Nayara Energy Limited. The UK government said Nayara Energy Limited imported billions of dollars worth of Russian crude oil in 2024. The Foreign, Commonwealth and Development Office (FCDO) stated that the decisions, taken in coordination with the UK Treasury, will attack sources of funding for Russian President Vladimir Putin’s war. The goal is to stop oil revenues from reaching Russia. The department claimed that this move will help “take Russian oil off the market” and prevent energy revenues from flowing into Putin’s “war chest” for the conflict with Ukraine.

What did the FCDO say?

The Foreign, Commonwealth and Development Office said, “The actions targeting Russian companies and their global supporters demonstrate Putin’s government’s determination to choke off his revenue sources.” The FCDO said, “Four oil terminals in China, 44 tankers belonging to a shadow fleet transporting Russian oil under a different name, and Nayara Energy Limited are all affected by this latest sanctions measure.”

The European Union also imposed sanctions
Nayara Energy imported 100 million barrels of Russian crude oil worth more than $5 billion in 2024 alone. Previously, Nayara Energy was subject to sanctions by the European Union (EU), which it strongly condemned. In a statement issued to the media at the time, the company said, “Nayara Energy operates in full compliance with Indian laws and regulations. As an Indian company, we are fully committed to promoting the country’s energy security and economic development.”

These Russian companies were targeted
The new UK sanctions directly target Russia’s major oil companies, Rosneft and Lukoil. They are two of the world’s largest energy companies. Together, they export 3.1 million barrels of oil per day. Rosneft alone accounts for six percent of global oil production and nearly half of Russia’s total oil production.

What did the UK Foreign Minister say?
Introducing the sanctions in Parliament, UK Foreign Minister Yvette Cooper said, “At this critical moment for Ukraine, Europe is stepping up. Together, the UK and our allies are increasing pressure on Putin, attacking his oil, gas, and secret fleet. We will not relent until he abandons his failed victory lap and becomes serious about peace.”