Britain has imposed restrictions on several companies and institutions to limit Russian oil trade, including India’s private oil refiner Naira Energy Limited. The British government said this was done to weaken Putin’s financial resources amid the war in Ukraine.
The Foreign, Commonwealth and Development Office (FCDO) said in a statement on Wednesday that the new sanctions are aimed at targeting the heart of Putin’s war fund. The sanctions will help limit Russia’s access to global energy markets and disrupt oil revenues. “Today’s action demonstrates the government’s full commitment to cutting off Putin’s sources of income, including Russian companies and their global supporters,” the FCDO said.
Britain’s new sanctions list includes four oil terminals in China, 44 tankers carrying Russian crude oil and India’s Naira Energy. It claims Naira imported 100 million barrels of crude oil from Russia in 2024, worth more than US$5 billion.
The new sanctions also include companies from Thailand, Singapore, Turkey and China. These companies are accused of supplying electronic components to Russia’s military supply chain that are used in drones and missiles fired against Ukraine.
The new sanctions will also directly affect Russia’s major oil companies, Rosneft and Lukoil. According to the UK government, Rosneft alone controls about half of Russia’s oil production and 6 percent of global output. British Foreign Secretary Yvette Cooper told parliament, “Europe is increasing the pressure at this critical time. The UK and our allies are taking action against Putin’s oil, gas and shadow fleet and will not back down until he abandons his war efforts.”
Britain’s announcement came during Russia’s Energy Week, during which Putin is trying to boost his energy exports to non-Western countries. The FCDO said the ban is intended to undermine Russia’s efforts to find new markets for its crude and gas. In addition, imports of refined oil products to third countries have also been banned. Which is made from Russian crude oil.
