Sanctions on Russia
I stand with unwavering support for the people of Ukraine and for the defence of its freedoms.
I know that under President Zelensky’s leadership, Ukraine is serious about its efforts to pursue a just and lasting peace, and unrelenting in its determination to ensure Ukraine remains democratic, free, strong and prosperous. I want to see Russian President Putin commit to a full and unconditional ceasefire now.
The UK has taken extensive action to limit energy revenues that fund Russia’s war in Ukraine. This includes Russian liquified natural gas (LNG). UK persons are prohibited from importing Russian LNG and acquiring it with the intention of entering the UK. In September 2024, the UK Government used new powers to specify carriers transporting Russian LNG, and a second set in October.
I know UK sanctions have forced Russia to shoulder a 25% reduction in oil and gas revenues between January and October 2024, compared to the same period in 2022. The UK has taken robust action to stop Russia from evading these measures, including sanctioning shadow fleet oil tankers and requesting proof of insurance from suspected shadow vessels passing through the English Channel.
I am proud that since 2024, the Government has introduced over 500 new sanctions against individuals, entities and ships. Most recently, this has included a major package of sanctions to target the decrepit and dangerous shadow fleet carrying Russian oil and those who help enable it.
Since the invasion of Ukraine, £25 billion of Russian assets have been frozen and sanctions by the UK and its allies have deprived the Russian economy of over $400 billion. I will support the UK Government as it continues to robustly enforce financial sanctions as part of our wider response to Russia’s barbaric invasion of Ukraine.
It would not be appropriate to speculate about potential future sanctions. I know Ministers continue to keep further measures on oil and gas under active review, working with Nordic and Baltic partners and others.