Finance
Western sanctions on Russia, Iran energy trade
Published by Global Banking and Finance Review
Posted on November 27, 2025
5 min readLast updated: January 20, 2026
Global Banking and Finance Review
Company
Published by Global Banking and Finance Review
Posted on November 27, 2025
5 min readLast updated: January 20, 2026
The EU, UK, and US have imposed sanctions on Russia and Iran, targeting oil and gas sectors to disrupt their energy trade.
(Reuters) -The European Union, Britain and the U.S. have imposed a raft of sanctions against Russia over its war in Ukraine. In October, the U.S. targeted Russia's two top oil producers, Rosneft and Lukoil.
Below is a timeline of key Western sanctions imposed since August 2024:
2024:
August 23 - The U.S. imposed sanctions on over 400 entities and individuals supporting Russia's war efforts in Ukraine, seeking to disrupt Russian energy projects and its shipments of liquefied natural gas (LNG). It also targeted Russia's $21 billion Arctic LNG 2 project, which had already been hit by Western sanctions.
September 6 - The U.S. sanctioned two companies and two vessels linked to Arctic LNG 2.
December 3 - The Biden administration issued a fresh round of Iran-related sanctions on dozens of entities, including tankers and shipping companies.
December 4 - Washington ramped up sanctions on Iran, targeting 35 entities and vessels it said carried illicit Iranian petroleum to foreign markets.
December 12 - The EU agreed on a 15th package of sanctions on Russia, targeting 45 tankers in its shadow fleet.
December 17 - The UK sanctioned 20 "shadow fleet" ships it said carried illicit Russian oil.
December 18 - The U.S. issued sanctions on several Russia-based entities for their involvement in the Nord Stream 2 gas pipeline.
December 19 - The U.S. granted an exemption for gas payments from sanctions it imposed on Russia's Gazprombank.
December 19 - The U.S. imposed sanctions on Iran and Houthi-related targets, targeting three vessels involved in the trade of Iranian petroleum and petrochemicals.
2025:
January 10 - The Biden administration imposed its broadest package of sanctions targeting Russia's oil and gas revenues, citing Russian companies Gazprom Neft and Surgutneftegas and 183 vessels that have shipped Russian oil.
January 27 - The EU renewed wide-ranging sanctions on Russia.
February 6 - The U.S. imposed sanctions on individuals and tankers involved in shipping millions of barrels of Iranian crude oil annually to China; U.S. President Donald Trump vowed to bring Iran's crude exports to zero.
February 24 - The U.S. issued a fresh round of sanctions targeting Iran's oil industry, hitting over 30 brokers, tanker operators and shippers.
March 13 - The U.S. imposed sanctions on Iranian Oil Minister Mohsen Paknejad and some Hong Kong-flagged vessels.
March 14 - The EU agreed to renew sanctions on Russian individuals and entities.
March 20 - The U.S. issued new Iran-related sanctions, targeting an individual, several entities and vessels.
April 10 - The U.S. imposed sanctions on Iranian oil trading networks, including a China-based crude oil storage terminal linked via a pipeline to an independent refinery.
April 16 - The U.S. issued sanctions targeting Iran's oil exports, including against a Chinese "teapot" oil refinery.
April 22 - The U.S. issued sanctions targeting Iranian LPG magnate Seyed Asadoollah Emamjomeh and his corporate network.
May 8 - The U.S. imposed sanctions on a third Chinese "teapot" oil refinery and port terminal operators in China for purchases of Iranian oil.
May 9 - Britain sanctioned up to 100 tankers from Russia's shadow fleet.
May 14 - The U.S. imposed sanctions on more than 20 companies in a network it said sent Iranian oil to China.
May 14 - The EU agreed on a 17th package of sanctions against Russia, targeting nearly 200 shadow fleet tankers, 30 companies involved in the trade of dual-use goods and 75 individuals and entities.
May 20 - The EU and Britain announced sanctions against Russia, zeroing in on Moscow's shadow fleet of oil tankers and financial firms.
July 3 - The U.S. imposed sanctions on a network that smuggled Iranian oil disguised as Iraqi oil and on a Hezbollah-controlled financial institution.
July 9 - The U.S. imposed sanctions on 22 companies in Hong Kong, the United Arab Emirates and Turkey for their roles in helping sell Iranian oil.
July 18 - The EU approved an 18th sanctions package against Russia over its war in Ukraine.
July 31 - The U.S. announced fresh sanctions on over 115 Iran-linked individuals, entities and vessels, targeting its shipping interests.
August 21 - Britain sanctioned Iranian oil magnate Mohammad Hossein Shamkhani and four companies.
August 21 - The Trump administration issued Iran-related sanctions, targeting 13 entities in Hong Kong, China, the United Arab Emirates and the Marshall Islands, as well as eight vessels for their role in transporting Iranian oil exports.
September 2 - The U.S. sanctioned a network of shipping companies and vessels for smuggling Iranian oil disguised as Iraqi oil.
September 12 - Britain launched a new package of Russia-related sanctions, targeting ships carrying Russian oil, as well as companies and individuals supplying electronics, chemicals, and explosives used to make Russian weapons.
September 12 - Japan lowered its price cap on Russian crude oil to punish Moscow for its war in Ukraine, following the EU's action in July to lower its price cap.
September 16 - The U.S. issued Iran-related sanctions targeting individuals and entities that helped coordinate fund transfers, including from the sale of Iranian oil.
September 29 - The EU confirmed it had reinstated sanctions against Iran, following a similar move by the United Nations, including banning Iran's purchase and transportation of crude oil.
October 10 - The U.S. imposed sanctions on about 100 individuals, entities and vessels, including a Chinese independent refinery and terminal, that helped Iran's oil and petrochemicals trade.
October 15 - Britain sanctioned Russia's Lukoil and Rosneft, as well as 44 shadow fleet tankers.
October 23 - Trump imposed Ukraine-related sanctions on Russia, targeting Lukoil and Rosneft.
October 23 - EU countries adopted a 19th package of sanctions against Russia for its Ukraine war, including a ban on Russian LNG imports and adding two Chinese refiners.
(Reporting by Lucas Liew; Editing by Thomas Derpinghaus)
Liquefied natural gas (LNG) is natural gas that has been cooled to a liquid state for ease of storage and transport, typically used in energy generation.
The Arctic LNG 2 project is a major liquefied natural gas development in Russia, aimed at producing and exporting LNG from the Arctic region.
The Nord Stream 2 gas pipeline is a major infrastructure project designed to transport natural gas from Russia to Europe, bypassing traditional transit countries.
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