The United Kingdom plans to prohibit companies from providing shipping and insurance services for Russian liquefied natural gas (LNG) exports, expanding its sanctions aimed at reducing Russia’s revenue.
In October, the European Union approved sanctions banning Russian LNG imports from January 1, 2027, while Britain and the United States imposed measures on Russia’s two largest oil companies, Lukoil and Rosneft.
The UK government said on Tuesday that the restriction on maritime services would be introduced gradually during 2026, coordinated with European partners. The announcement came before a meeting of Group of Seven foreign ministers in Canada.
In addition, Britain announced £13 million ($17.5 million) in funding to help restore Ukraine’s energy infrastructure and assist civilians most affected by heating and power losses. The information provided does not specify which British companies may be affected by the new ban or whether exemptions are being considered.
Neftyanaya Kompaniya Rosneft’ PAO (Rosneft) is a publicly traded oil company headquartered in Moscow, majority-owned by the Russian government through Rosneftegaz. It engages in exploration, production, refining, and marketing of oil and gas, and is one of the largest energy companies in Russia by output and revenue.
Lukoil PJSC is a Russian public joint stock company engaged in the extraction, production, and sale of oil, gas, and petroleum products. It operates in multiple countries and is privately owned, with headquarters in Moscow.
