UK Targets Russian Oil Giants and Billionaire Lakhani in New Sanction Wave

Britain has announced new sanctions on Russian oil companies and billionaire Murtaza Lakhani to pressure Moscow over Ukraine. Targeting 24 individuals and entities, the sanctions aim at limiting Russia's global oil trade capacity. The package also covers Central Asian supply chains linked to ammunition and explosives production.

Britain intensified its measures against Russia on Thursday, imposing new sanctions on major Russian oil companies and Canadian-Pakistani billionaire Murtaza Lakhani. Announced as a strategic effort, the sanctions aim to escalate economic pressures on Moscow due to its ongoing conflict with Ukraine.

The UK government sanctioned 24 individuals and entities, notably targeting Russia's largest remaining unsanctioned oil companies such as Tatneft, Russneft, NNK-Oil, and Rusneftegaz. This move follows similar actions by Britain and the U.S. in October against Russia's leading oil firms Lukoil and Rosneft. Concurrently, the EU also sanctioned 41 additional ships in Russia's shadow fleet, seen as a means to circumvent Western trading restrictions.

Moscow has dismissed these sanctions as politically biased. The latest UK sanctions also include Lakhani, previously sanctioned by the EU earlier this week. His companies, identified as key traders of Russian oil since 2022, are now targeted. Additionally, Britain's sanctions extend to Central Asian networks supplying critical materials like cotton pulp, vital for ammunition and explosives manufacturing, which Russia lacks the capacity to produce domestically.

(With inputs from agencies.)