Our new report shows how the UK’s long‑awaited LNG maritime services ban leaves Russia’s two flagship LNG projects – Sakhalin‑2 and Yamal LNG – largely untouched for the rest of 2026.

Sakhalin‑2 and Yamal LNG are Russia’s most valuable LNG assets, kept running by European services. UK insurers and fleet managers alone have covered over 10 million tonnes of Russian LNG shipments since the UK government announced a forthcoming ban on maritime LNG services. These services underpin continuous shipments of Russian fossil fuels, which remain a cornerstone of Russia’s economy, and the 2026 exemptions come just as Russian fossil fuel revenues are rising despite sanctions pressure, driven by higher global energy prices.

The UK maritime services ban was first described in November 2025 as a measure that would significantly curb Russian LNG exports by cutting them off from the UK’s world‑leading shipping and insurance sectors, but when it was finally introduced in May 2026, broad exemptions immediately followed, preserving UK services for Russian LNG exports for at least the next seven months, which will facilitate billions in LNG revenue for Russia. 

More than half of Russia’s LNG tanker fleet still operates with UK maritime services, alongside Norwegian and Japanese insurers, enabling Yamal LNG to keep funnelling gas to EU terminals in France, Belgium and Spain, while Sakhalin‑2 ships oil and LNG to Asian buyers. The report outlines how these shipping, insurance, and financing channels fit into the broader market outlook and the Russian fossil fuel industry.