The Government has sanctioned Russia’s biggest oil producer Rosneft, as part of its latest set of measures targeting Russia’s economy amid the war in Ukraine.
Speaking in the Commons, Foreign Secretary Yvette Cooper announced Rosneft, along with Lukoil, two of the world’s largest energy companies, would face sanctions from the UK.
The Foreign Office said the two firms export 3.1 million barrels of oil a day, with Rosneft, Russia’s largest firm, being responsible for 6% of global oil production, and nearly half of Russian oil produced.
Other action was taken against the so-called “shadow fleet,” which allows Russia to export oil to countries still purchasing it.
Yvette Cooper said now was the time to “increase the pressure on Russia’s economy.”
The sanctions stop UK businesses and individuals from trading with the named Russian entities.
They came as the speaker of the Ukrainian Parliament, Ruslan Stefanchuk, visited the House of Commons on Wednesday to celebrate the 100 Year Partnership Agreement signed by Starmer and Zelensky in Kyiv in January.
Speaking to MPs, the foreign secretary said: “We will ramp up the pressure on Russia to ensure that their escalation comes at a clear cost.
“So I am today setting out a further new set of sanctions, among our strongest so far, to tighten the pressure on Russia’s economy.”
The measures are the second announced in a month, and Yvette Cooper indicated that more could follow.
She said she had told Russian Foreign Minister Sergei Lavrov at the UN last month: “We will target your ailing economy, your oil and gas revenues and the defence industry making your munitions because we know for Russia, the cost of war is piling up.”
More than 2,900 Russian individuals and other entities have been sanctioned by the UK since Russia’s invasion of Ukraine in February 2022.
The latest raft of economic sanctions come as the Chancellor Rachel Reeves is in Washington for a meeting with her G7 counterparts.
Reeves is expected to participate in discussions further restricting Russia’s economy, which is heavily reliant on international oil revenues.
There have been calls on US President Donald Trump to go further in his support of Ukraine by introducing these heavier sanctions as well as giving the go ahead to use American long range missiles to attack targets in Russia.
Calling out countries allying themselves with Russia, the Conservative Shadow Foreign Secretary named India, China and Turkey as three countries helping Russia earn £1 billion a day in oil revenues.
Calls to bolster defence in Europe have increased in recent weeks after Russian drones were downed as they entered Polish airspace.
Estonia has also reported Russian jets flying into its territory.
Addressing this threat to European security, Defence Secretary John Healey said: “The UK and Nato nations are meeting today to ramp up our response to Russia’s aggression.
“Putin’s incursions into Nato territory are reckless, dangerous and totally unacceptable.
“Deliberate or not, Putin is watching what we do. And Putin should be in no doubt: if Nato is threatened, we will act.
“And we must meet his escalation with our strength.”
Mr Healey confirmed the UK’s participation in Nato’s Eastern Sentry mission, with RAF Typhoon fighter jets patrolling Poland after Russian drone incursions last month, will continue until the end of the year.
He also announced an increase in drone production for Ukraine, with the UK delivering more than 85,000 of the weapons over the last six months.
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