Ukrainian-led campaign group Razom We Stand has welcomed new UK sanctions on the Russian oil, gas and coal industry as well as the fleet network that facilitates their exports. The sanctions on PJSC Oil and Gas Company Slavneft make Britain the first country in the world to sanction all ten of Russia’s top oil producers; the missing step is to target Russia’s key gas producers and exporters, Gazprom and Novatek, to enforce the introduced measures fully and to align on strong policy measures against Russian energy trade with the EU and G7+ sanctioning coalition.
In 2026, UK companies continue to provide the largest share of P&I insurance for Russian oil products (45%), LNG (49%), and coal (60%) exports, which are Russia’s key sources of revenue. It’s also critical for the UK to end its own companies’ services for the transportation of Russian coal, crude oil and oil products and LNG.
Prime Minister Andy Burnham announced the package today at the European Political Community summit in Dublin, where he will co-chair a meeting on Ukraine with President Zelenskyy following this week’s peace talks in Abu Dhabi. The measures also target shadow fleet vessels carrying Russian oil and LNG, major coal companies, and Rosneft’s flagship Arctic project, Vostok Oil. The UK Government says it is now targeting nearly every part of Russia’s energy revenue chain, from producers and trading networks to supply chains and vessels, yet more measures are needed against Russia’s Arctic Yamal LNG project and a full ban on operations between UK-based TotalEnergies Gas & Power Limited and Yamal LNG.
The pressure is needed. According to the Centre for Research on Energy and Clean Air (CREA), Russia’s fossil fuel export revenues held steady at around €625 million a day in September 2026, even though export volumes fell 6%.
Dr Svitlana Romanko, Founder and Executive Director of Razom We Stand, said:
“Oil money keeps Russia’s war machine running. By sanctioning every one of Russia’s biggest producers, Britain has shown real leadership at a crucial moment for peace talks. But sanctions only bite if they are enforced. The shadow fleet must be shut down, the last loopholes closed, and Europe must follow Britain’s lead, so that pressure on the Kremlin brings a just and lasting peace for Ukraine.”
