UK follows US in announcing sanctions against Russian oil giants

The UK government has announced sanctions against the Russian companies Gazprom Neft and PJSC Surgutneftegas.

Source: European Pravda, citing a UK government press release

Details: The official statement from London notes that these companies produce over 1 million barrels of oil per day between them, generating approximately US$23 billion annually at current prices. The profits made by these two companies directly support Russia’s ongoing war against Ukraine.

The UK expects that imposing sanctions on these companies will significantly curtail Russia’s ability to generate revenue from energy sales.

Quote from Foreign Secretary David Lammy: "Oil revenues are the lifeblood of Putin’s war economy. We will not stand by and let oil profits endanger the lives of Ukrainians – nor will we let Russia keep filling its coffers as it continues to threaten our collective security."

Background:

• The United States has announced sanctions against Gazprom Neft and Surgutneftegas.
• On 16 December, the EU adopted its 15th sanctions package against Russia, aimed at countering sanctions evasion through targeting Russia's shadow fleet and weakening the country's defence industrial base.

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