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    Home > Finance > Britain sanctions Russia's Gazprom Neft, Surgutneftegaz
    Finance

    Britain sanctions Russia's Gazprom Neft, Surgutneftegaz

    Published by Global Banking & Finance Review®

    Posted on January 10, 2025

    1 min read

    Last updated: January 27, 2026

    Featured image showcasing the recent UK sanctions targeting Russian oil giants Gazprom Neft and Surgutneftegaz, crucial in the context of the ongoing geopolitical tensions and economic measures.
    Image of UK sanctions against Russian oil companies Gazprom Neft and Surgutneftegaz - Global Banking & Finance Review
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    Quick Summary

    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.

    UK Targets Russian Oil Majors Gazprom Neft and Surgutneftegaz

    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)

    Key Takeaways

    • •UK sanctions Russian oil companies Gazprom Neft and Surgutneftegaz.
    • •Sanctions are coordinated with the United States.
    • •Oil revenues are crucial to Russia's war economy.
    • •UK targets shadow fleet trading illicit Russian oil.
    • •Sanctions restrict access to British ports.

    Frequently Asked Questions about Britain sanctions Russia's Gazprom Neft, Surgutneftegaz

    1What is the main topic?

    The main topic is the UK's sanctions on Russian oil companies Gazprom Neft and Surgutneftegaz to impact Russia's war economy.

    2Why are these sanctions important?

    These sanctions aim to reduce oil revenues that fund Russia's war efforts, impacting its economy significantly.

    3What is the shadow fleet?

    The shadow fleet refers to vessels trading illicit Russian oil, which the UK is targeting with shipping sanctions.

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