The U.K. Foreign Ministry announced a major new sanctions package on Nov. 12, targeting Russia’s energy and shipping sectors to restrict the revenue that finances Moscow’s full-scale war against Ukraine. Prime Minister Andy Burnham stated that now is the time to "continue to ramp up pressure on Russia to agree a full and immediate ceasefire." This move makes the U.K. the only country in the world to have sanctioned all of Russia’s top ten oil producers. The strategy targets not only the companies that produce and trade energy but also the shipping networks that transport it. By limiting these specific revenue streams, London aims to degrade Moscow’s ability to fund its military operations effectively.
Pressure amid continued European imports
Burnham plans to call on other nations at the European Political Community summit in Dublin to apply more economic pressure on Russia to bring the war to an end. The announcement follows trilateral peace talks between Ukraine, Russia and the U.S. in Abu Dhabi, which are expected to feature prominently in discussions among European leaders. Burnham noted that "Peace talks on Ukraine have progressed but now is not the time for complacency," adding that leaders must harness momentum on negotiations. He emphasized the need to find a way forward for security at home and across the continent. However, continued purchases by European countries highlight the challenges of maintaining a united front against Moscow despite these new restrictions.
A Nov. 12 report by the Center for Research on Energy and Clean Air revealed that Spain imported 138,000 metric tonnes of Russian liquefied natural gas (LNG) in October. This occurred despite Spain having phased out imports from Moscow in September. Additionally, the EU paid about 8.7 billion euros ($9.6 billion) for LNG from Russia’s Arctic Yamal project in the first 10 months of this year. Urgewald, a sanctions-monitoring NGO, cited Kpler data for this figure on Nov. 12. These financial flows demonstrate that significant revenue still reaches Russia through existing commercial channels. The U.K.’s new measures target the production and transport infrastructure directly, yet the persistent demand from some European buyers undermines the collective effort to starve the war machine of funds.
