UK Targets Lukoil and Rosneft with Sanctions, Cracks Down on Shadow Fleet

The United Kingdom imposed sanctions on Russias leading oil companies, Rosneft and Lukoil, aiming to restrict Kremlin revenue and combat the shadow fleet of tankers supporting the Russian petroleum industry.

• On October 15, 2023, the United Kingdom sanctioned Russias largest oil companies, Rosneft and Lukoil, under its Russia sanctions laws for their support of the Russian government.
• The sanctions include an asset freeze, director disqualification, transport restrictions, and a ban on British tankers, targeting 51 vessels in the shadow fleet linked to the petroleum industry.
• This crackdown is part of a broader strategy by the United Kingdom to tighten economic sanctions against Russia, aiming to diminish the Kremlins financial resources amid ongoing geopolitical tensions.