The United Kingdom has imposed sanctions on Russian oil producer Slavneft and said that, with this move, it has become the first country to target all ten of Russia’s largest oil companies with punitive measures. The new package also covers energy companies, vessels from the so-called shadow fleet, major coal-mining companies and Rosneft’s Vostok Oil Arctic project.
The measures were announced on the day of the meeting of the European Political Community in Dublin, where British Prime Minister Andy Burnham is due to speak with European leaders and Ukrainian President Volodymyr Zelensky about the war in Ukraine, peace talks and maintaining pressure on Moscow.
“The United Kingdom has announced a major package of sanctions to increase pressure on Russia’s oil revenues and bring forward the end of the Kremlin’s needless war,” Andy Burnham said.What the package includes
Twenty new entries have been added to the updated British sanctions list, and one change has been made. According to the British government, the new measures cover 11 companies and 9 vessels. Slavneft has been subjected to asset freezes, restrictions on trust services, a ban on holding management positions and transport restrictions.
Among the sanctioned vessels are oil tankers and liquefied natural gas carriers. The restrictions prohibit these vessels from being chartered or operated, from accessing British ports and from receiving a range of technical, financial, brokerage and other services.
British authorities say the aim is to cover almost the entire chain through which Russia generates energy revenues – from production and trade to deliveries and maritime transport. The package also includes companies from Russia’s coal-mining sector.
The last major producer
Slavneft is the last of Russia’s ten largest oil companies to be added to the United Kingdom’s sanctions regime. Previously, British measures covered major companies such as Rosneft, Lukoil and Transneft. According to Reuters, the inclusion of Slavneft means that all ten leading producers are now subject to British sanctions.
Burnham said that the United Kingdom and its partners must combine diplomatic efforts with continued economic pressure. In his words, progress in the talks must not lead to a weakening of measures against Russia.
Sources: marketscreener.com