By Aysu Bicer
LONDON (AA) - The UK announced Thursday new sanctions on five vessels and two associated entities involved in shipping Russian liquefied natural gas (LNG), further tightening economic pressure on Russia's energy sector.
"LNG is a vital source of funding for Putin’s illegal war in Ukraine, Russia is aggressively seeking to expand its LNG revenues, with ambitions to grow its share of the global LNG market from 8% to 20%," according to a statement. "By targeting vessels and entities tied to Russia’s LNG sector, we are cutting off critical financial support for Putin’s war machine.”
The ships -- the Pioneer, Asya Energy, Nova Energy, North Sky and SCF La Perouse -- are linked to Russia’s Arctic LNG 2 project, a flagship energy initiative critical to the Kremlin's future LNG expansion plans.
The move builds on earlier sanctions imposed this year by the UK, alongside the US and EU allies, on the Arctic LNG 2 project, which had forced a significant reduction in its production capacity.
The new sanctions are aimed at cutting off Russia’s access to global shipping routes for LNG, a crucial revenue stream for the Russian economy and Moscow’s ongoing war effort in Ukraine.
The sanctions are part of a broader strategy to weaken Russia’s energy sector and disrupt its plans to scale up LNG exports, which are seen as a key avenue for future economic growth.
Arctic LNG 2, in particular, has been identified as a strategic project in Russia's efforts to expand its presence in the global LNG market.
The announcement brings the number of vessels and entities sanctioned by the UK concerning the Russian LNG sector to 15, according to the statement.