The UK is implementing new sanctions targeting Russia’s largest oil company, Rosneft, and its “shadow fleet” of oil tankers, aiming to diminish President Putin’s military funding for the Ukraine war. Prime Minister Rachel Reeves announced 90 new sanctions, which also include measures against a major Indian refinery and four oil terminals in China. The sanctions are intended to significantly impact Russia’s economy and military capabilities, with Reeves emphasizing that “Russian oil is off the market.”
The move aims to increase pressure on both Russian companies, particularly Lukoil and Rosneft, and third-party countries like India and China that facilitate Russian oil exports. Russia’s oil production is substantial, contributing nearly half of its output and 6% of global crude oil.
The Russian Embassy in London condemned the sanctions, warning they could disrupt global energy supplies and raise costs for consumers worldwide. The sanctions come as the Group of Seven prepares to discuss plans to manage Russian investment profits frozen since the invasion of Ukraine. Previous sanctions have targeted other energy companies, reinforcing efforts to undermine Russia’s military budget.
Additionally, the U.S. is contemplating imposing significant tariffs on products from China related to its purchases of Russian oil, but these measures would require European cooperation.
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