The UK has imposed fresh sanctions on Russia’s major oil companies, targeting Rosneft and Lukoil. Foreign Secretary Yvette Cooper announced the move, part of 90 new sanctions aimed at weakening Russia’s economy. Rosneft alone accounts for 6% of global oil production and nearly half of Russia’s output.
Cooper emphasized the joint effort with allies to pressure Putin, saying, “We will continue to apply economic pressure until he changes his aggressive stance.” Chancellor Rachel Reeves, currently in Washington meeting G7 ministers, stated, “Russian oil is no longer welcome in the market.”
The UK’s actions are escalating as Putin’s aggression persists. Reeves affirmed the commitment to cut off funding for Russia’s military operations in Ukraine. Meanwhile, Indian Prime Minister Modi faced questions from Keir Starmer regarding India’s purchase of Russian oil amidst global efforts to isolate Russia.
Starmer highlighted discussions with Modi on resolving the conflict and targeting the Russian shadow fleet. The ongoing efforts to address India’s oil purchases indicate a broader push to hold enablers of Russia’s invasion of Ukraine accountable.