The United Kingdom has announced a new round of sanctions against Russia’s energy sector and the entities supporting its global oil trade, with the stated aim of restricting the state’s revenue for funding the war in Ukraine.
Targets within the Russian Energy Sector
Restrictions were imposed on the two largest oil companies in the Federation, which the UK considers strategically significant to the government and economically important to sustaining its military efforts.
- Restrictions Imposed: The entities are subject to an asset freeze, director disqualification, transport restrictions, and a ban on British trust services.
International Trade Facilitators
The sanctions were extended to target organizations in third-party countries accused of helping to facilitate the export of Russian commodities to global markets, particularly focusing on two major Asian nations.
- Maritime Vessels: The measures targeted a total of 51 vessels, which includes 44 tankers identified as part of the “shadow fleet” used to evade existing restrictions.
- Refining and Port Operations: Sanctions were placed on a Chinese refining company (a large purchaser of Russian oil) and several port operators located in a key refining hub in China.
- Gas Facilities: The package also included seven vessels specialized in transporting liquefied natural gas (LNG) and a Chinese LNG terminal that handles cargoes from a previously sanctioned Russian facility.
Diplomatic Responses
- UK Official View: A prominent British minister characterized the action as a “targeted move” intended to make it clear that the Federation has “no place in global markets.” The minister also confirmed the intent to “ramp up pressure” on facilitating entities in certain Asian nations.
- Federation’s Response: An embassy representing the Federation in the UK argued that the restrictions will be counterproductive, stating they will destabilize global energy markets, increase costs for consumers and businesses in Britain, and ultimately have “no impact” on the Federation’s foreign policy objectives.
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Source: Reuters
