The United Kingdom has implemented new sanctions on 90 entities, including Nayara Energy Limited, an Indian refiner, in an effort to disrupt Russian revenue sources. This move is part of a coordinated strategy to weaken President Vladimir Putin’s financial backing amidst the ongoing conflict in Ukraine.
The Foreign, Commonwealth and Development Office (FCDO) stated that the sanctions, executed in collaboration with the UK Treasury, are intended to severely impact Putin’s funding for the war. These measures are designed to impede the flow of oil revenues to the Kremlin and restrict Russia’s access to global energy markets.
The updated sanctions target entities such as four oil terminals in China, 44 tankers from the “shadow fleet” transporting Russian crude, and Nayara Energy from India. According to London, Nayara Energy imported more than 100 million barrels of Russian oil valued at over USD 5 billion in 2024 alone.
Furthermore, the sanctions directly impact Russian energy giants Rosneft and Lukoil, two of the world’s largest oil companies. Combined, these companies export approximately 3.1 million barrels of crude oil daily. Rosneft, in particular, contributes nearly half of Russia’s oil production and six percent of global output.
UK Foreign Secretary Yvette Cooper emphasized the collective effort of the UK and its allies in increasing pressure on Putin by targeting his oil, gas, and maritime operations. The sanctions announcement coincides with the Russian Energy Week in Moscow, where Putin aims to promote Russia’s energy exports to non-Western buyers.
In response to the sanctions, Nayara Energy, operating India’s second-largest private oil refinery, has refuted claims of undermining sanctions by purchasing Russian crude. The company, partially owned by Russian oil giant Rosneft, highlighted its commitment to adhering to Indian laws and supporting the nation’s energy security and economic growth.
The sanctions also encompass companies in Thailand, Singapore, Turkey, and China allegedly involved in Russia’s military supply chain, providing electronic components utilized in drones and missiles used against Ukraine. Nayara Energy had previously faced similar sanctions from the European Union earlier this year, condemning the EU’s actions as unfounded and a violation of international law and India’s sovereignty.