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For the first time, the UK and the US are directly sanctioning Gazprom Neft and PJSC Surgutneftegas,聽2 Russian oil giants.聽These聽energy companies produce over 1 million barrels of oil per day between them 鈥� worth roughly $23 billion a year at current prices, more than the GDP of Jamaica. The profits from these 2 companies are聽lining Putin鈥檚 war chest and facilitating聽the war.

Keeping the country safe is this government鈥檚 first priority and is an integral part of the Prime Minister鈥檚 Plan for Change. Every blow we strike against Russia鈥檚 oil revenues is another step towards a just and sustainable peace in Ukraine, and a step towards security and prosperity in the UK and beyond.聽

Today鈥檚 action will clamp down on Putin鈥檚 flow of revenues.聽Revenues from oil are vital to Russia鈥檚 war economy, making up roughly a quarter of Russia鈥檚 entire budget in 2023. By sanctioning these companies, Russia鈥檚聽ability to generate revenues from energy sales is expected to be significantly curtailed.

Foreign Secretary David Lammy said:

Oil revenues are the lifeblood of Putin鈥檚 war聽economy. We will not stand by聽and let oil profits endanger the lives of Ukrainians 鈥� nor will we let Russia keep filling its coffers as it continues to threaten our collective security.聽

Taking on Russian oil companies聽will drain Russia鈥檚 war chest 鈥� and every ruble we聽take聽from Putin鈥檚 hands helps save Ukrainian lives. 聽

That鈥檚 why I聽have made it聽my personal mission to constrain the聽Kremlin聽and those companies propping it up,聽for the good of our democracy and shared security.

With the Russian economy on the back聽foot, facing high and accelerating interest聽rates and聽haemorrhaging聽billions into an unsustainable and illegal invasion, we will continue to work with聽our聽allies聽in the United States聽to turn the screw on Putin and his barbaric war.

Today鈥檚 announcement comes as the UK continues to exert relentless pressure on the聽shadow fleet Russia聽uses to聽transport聽Russian oil. Just last month聽the Prime Minister announced sanctions on聽20 more ships responsible for transporting more than 4 million barrels of Russian oil in 2024,聽taking the total number shadow fleet vessels sanctioned by the UK to 93.

Background

The companies sanctioned today under the Russia (Sanctions) (EU Exit) Regulations 2019 补谤别:听听

• PJSC SURGUTNEFTEGAS聽
• GAZPROM NEFT