The new measures aim to choke off state revenues that help sustain Russia’s war in Ukraine.
Both companies are now subject to an asset freeze, director disqualification, transport restrictions, and a ban on British trust services.
Britain’s finance minister Rachel Reeves announced the targeted sanctions against Russia’s biggest oil companies during a trip to the United States.
Russia’s embassy in London claimed the sanctions would backfire by destabilising global energy markets and raising costs for British businesses and consumers.
Reeves emphasised there is no place for Russia in global markets and that Britain will take all necessary steps to stop Moscow from funding its war.
Lukoil ranks as Russia’s second-largest oil company with the largest foreign exposure among domestic peers.
The new sanctions also target 51 ships, including 44 within the so-called shadow fleet, plus individuals and entities across energy and defence sectors.
Nayara, a Russian-owned refinery based in Mumbai, India, was among the companies sanctioned.
Nayara, which previously condemned the EU sanctions, did not immediately respond to a Reuters request for comment.
Some Russian oil volumes were still being transported and insured on routes to Asia by British-based companies.
Western experts estimate the shadow fleet already exceeds 1,500 ships, indicating no shortage of vessels to transport Russian oil.
The shadow fleet has increasingly been targeted by sanctions from Britain, the US and the EU since Russia’s invasion of Ukraine in February 2022.
This network of older tankers is used by officials to avoid sanctions on Russian oil. – Reuters
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