The UK has announced a new package of sanctions targeting Russia’s two largest oil companies, Lukoil and Rosneft. The restrictions also include 51 tankers that are part of the so-called “shadow fleet” that Moscow uses to circumvent international bans on energy exports. Reuters reports.

As British Finance Minister Rachel Reeves stressed, these measures are aimed at increasing energy pressure on Russia and reducing the sources of income that the Kremlin uses to finance its war in Ukraine. “We are introducing targeted sanctions against Russia’s two largest oil companies, Lukoil and Rosneft,” she said, stressing that London is working with partners to isolate Russia’s energy sector.

During a visit to the United States, Reeves emphasized that the British government is increasing pressure not only on Russian corporations, but also on companies from third countries — in particular, India and China — that continue to facilitate the export of Russian oil. According to her, the UK will not allow Moscow to circumvent international restrictions through intermediaries.

“There is no place for Russia in world markets,” the minister stressed. She added that London is ready to use any necessary tools to stop the Kremlin’s financing of the war against Ukraine. The new sanctions list also covers a number of individuals and legal entities related to the oil, energy and defense industries.

The so-called “shadow fleet” — a network of old oil tankers that Russia, according to Western governments, is actively using to transport oil outside the official insurance and monitoring system, has been hit by sanctions. This mechanism allows you to hide the routes of transportation of raw materials and real buyers, reducing the effectiveness of international restrictions.

Since Russia’s full-scale invasion of Ukraine in February 2022, the “shadow fleet” has repeatedly become the target of sanctions decisions by the UK, the US and the European Union. Western powers see its activities as one of the key tools for circumventing the embargo imposed on Russian oil exports.

The Russian embassy in London is currently refraining from commenting on the new sanctions package. However, experts believe that expanding restrictions against Lukoil, Rosneft and their associated vessels could significantly complicate Moscow’s energy exports and increase financial pressure on the Russian budget.