Britain follows the US in announcing sanctions against the Russian oil industry

The British government has imposed direct sanctions against two Russian oil giants, Gazprom Neft and Surgutneftegaz, which earn about $23 billion a year. This is stated in a statement by the British government, UNN reports.

“For the first time, the UK and the US have imposed direct sanctions on Gazprom Neft and Surgutneftegaz, two Russian oil giants. These energy companies produce more than 1 million barrels of oil per day between them – worth approximately $23 billion a year at current prices, which is more than the GDP of Jamaica. The profits from these two companies fill Putin’s coffers and contribute to the war,” the statement said.

The government noted that oil revenues are vital to Russia’s military economy, as they account for about a quarter of Russia’s total budget in 2023. The British government expects that the imposition of sanctions against these companies will significantly limit Russia’s ability to generate revenue from energy sales.

“Oil revenues are the lifeblood of Putin’s war economy. We will not allow oil revenues to jeopardize the lives of Ukrainians, nor will we allow Russia to continue to fill its coffers as it continues to threaten our collective security. The fight against Russian oil companies will drain Russia’s military funds – and every ruble we take out of Putin’s hands helps save Ukrainian lives,” said British Foreign Secretary David Lammy.

Recall

The United States is imposing the toughest sanctions on the Russian oil industry, according to a document circulated among traders in Europe and Asia by the US Treasury. Amid reports of sanctions, world oil prices rose by 3% on Friday.

New sanctions The US targets Russia’s main source of revenue and imposes sanctions on Gazprom Neft and Surgutneftegaz, more than 180 vessels and dozens of oil traders and oil service providers.

President of Ukraine Volodymyr Zelenskyy reacted to the new package of sanctions imposed by the United States against Russia and emphasized that “criminals must pay for their crimes.