The UK government on Wednesday announced 90 new sanctions targeting Russia’s oil giants and Indian petroleum company Nayara Energy Limited, which it said had imported billions of dollars’ worth of Russian crude in 2024.
The Foreign, Commonwealth and Development Office (FCDO) said the coordinated action with the UK Treasury will strike at the heart of Russian President Vladimir Putin’s war funding, targeting companies to cut off oil revenues reaching the Kremlin.
It claimed the move will help take Russian oil “off the market” and choke off energy revenues that flow into Putin’s “war chest” in the conflict with Ukraine.
“Today’s action demonstrates the government’s determination to cut off Putin’s revenue streams – targeting Russian companies and their global enablers,” the FCDO said.
“Four oil terminals in China, 44 tankers in the ‘shadow fleet’ transporting Russian oil, and Nayara Energy – which imported 100 million barrels of Russian crude worth over $5 billion in 2024 alone – have all been hit by this latest wave of sanctions,” it stated. Earlier, Nayara Energy had been hit by EU sanctions, a move it strongly condemned. “Nayara Energy operates in full compliance with the laws and regulations of India. As an Indian company, we are deeply committed to supporting the nation’s energy security and fostering economic growth,” Nayara Energy said in a media statement at the time.
