UK Joins US to Target Russian Oil Majors in Latest Sanctions

The United Kingdom has announced its first-ever sanctions against Russian oil giants Gazprom Neft and Surgutneftegas, joining the United States in targeting key players in Russia’s energy sector.

According to UK officials, these two companies produce over one million barrels of oil daily, generating approximately $23 billion annually—more than the GDP of Jamaica.

The government highlighted that profits from these companies significantly bolster Russia's military budget.

"Every strike against Russia’s oil revenues is another step toward a just and lasting peace in Ukraine," the UK government stated.

Foreign secretary David Lammy further emphasized that targeting Russian oil income is essential to undermining its ability to sustain military aggression.

"Oil revenues are a lifeline for Putin's military economy. We will not stand by and allow these funds to endanger Ukrainian lives or threaten our collective security," Lammy said.

He added that these measures would help deplete Russia’s war budget and save lives.

Earlier on January 10, the Biden administration announced an extensive sanctions package targeting Russia's energy sector. The administration described the new sanctions as the toughest yet on Russia’s oil and liquefied natural gas sectors. Officials said these measures could cost its economy billions of dollars per month.