The U.K. imposed sanctions on Sept. 25 against five vessels and two companies involved in the transportation of Russian liquefied natural gas (LNG) as it looks to exert more pressure on sources of revenue for the Kremlin, according to a statement.
While LNG exports have been less heavily sanctioned than oil, recent restrictions have begun tightening the noose around this sector as well.
“LNG is an important source of funding for (Vladimir) Putin’s illegal war in Ukraine. Russia has plans to expand its LNG revenues, aiming to grow its global LNG market share from 8% to 20%,” the statement read.
The vessels Pioneer, Asya Energy, Nova Energy, North Sky, and SCF La Perouse were sanctioned in this latest move.
London also imposed restrictions on two entities, including Ocean Speedstar Solutions OPC, the operator of the Pioneer and Asya Energy vessels, as well as on White Fox Ship Management, the operator and manager of the North Sky vessel.
Under British sanctions legislation, listed ships are prohibited from accessing U.K. ports and may face other restrictions, including arrest and denial of registration.
The U.K. has now sanctioned 15 vessels and entities involved in the Russian LNG sector, according to the statement.
Earlier this year, the U.K., along with its allies, the U.S. and European Union, sanctioned Arctic LNG 2.
Arctic LNG 2, owned by Russia’s Novatek company, aims to produce almost 20 million metric tons of LNG per year to sell primarily to Asian markets, potentially generating billions of dollars in revenue.
It was envisaged as Russia‘s largest LNG plant and a flagship project to help the country become the world’s leading LNG producer.
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