Published by Global Banking & Finance Review®
Posted on January 10, 2025
1 min readLast updated: January 27, 2026
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The UK, in coordination with the US, sanctions Russian oil firms Gazprom Neft and Surgutneftegaz to curb Putin's war economy and illicit oil trade.
LONDON (Reuters) - Britain imposed new sanctions on Russian oil majors Gazprom Neft and Surgutneftegaz <SNGS.MM> on Friday, in a move co-ordinated with the United States.
"Oil revenues are the lifeblood of (Russian President Vladimir) Putin's war economy," foreign minister David Lammy said in a statement. "Taking on Russian oil companies will drain Russia's war chest."
Britain and its Western allies have also been targeting the so-called shadow fleet in response to Russia's invasion of Ukraine, saying that the vessels trade in illicit Russian oil that helps fund Putin's war effort.
The UK's shipping sanctions restrict or prohibit the vessels' movement and access to some British ports.
(Reporting by Sachin Ravikumar and Muvija M; Editing by Elizabeth Piper and Michael Holden)
The main topic is the UK's sanctions on Russian oil companies Gazprom Neft and Surgutneftegaz to impact Russia's war economy.
These sanctions aim to reduce oil revenues that fund Russia's war efforts, impacting its economy significantly.
The shadow fleet refers to vessels trading illicit Russian oil, which the UK is targeting with shipping sanctions.
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