On September 25, the U.K. imposed sanctions on five vessels and two companies involved in the transportation of Russian liquefied natural gas (LNG). This move is part of the U.K.’s efforts to put pressure on the Kremlin by targeting its sources of revenue. While LNG exports have not been as heavily sanctioned as oil, recent restrictions have started to tighten the noose around this sector as well.
According to a statement, LNG is an important source of funding for Russian President Vladimir Putin‘s illegal war in Ukraine. Russia has plans to increase its LNG revenues and aims to grow its global market share from 8% to 20%. The vessels Pioneer, Asya Energy, Nova Energy, North Sky, and SCF La Perouse were all sanctioned in this latest move. The U.K. also imposed restrictions on two entities, including Ocean Speedstar Solutions OPC, the operator of the Pioneer and Asya Energy vessels, and White Fox Ship Management, the operator and manager of the North Sky vessel.
Under British sanctions legislation, the listed ships are not allowed to access U.K. ports and may face other restrictions, such as arrest and denial of registration. This latest move brings the total number of vessels and entities sanctioned by the U.K. in the Russian LNG sector to 15.
Earlier this year, the U.K., along with its allies the U.S. and European Union, also sanctioned Arctic LNG 2. This project, owned by Russia’s Novatek company, aims to produce almost 20 million metric tons of LNG per year and sell it primarily to Asian markets, potentially generating billions of dollars in revenue. It was intended to be Russia’s largest LNG plant and a flagship project to help the country become the world‘s leading LNG producer.
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