UK Sanctions Major Russian Oil Companies

January 13, 2025 |Sanctions

The U.K.’s Office of Financial Sanctions Implementation on Jan. 10 sanctioned major Russian oil producers and exporters Gazprom Neft and Surgutneftegas for operating in Russia’s energy sector. The designations were announced in conjunction with new sanctions issued by the Biden administration last week, U.S. officials said, which targeted a host of companies and vessels helping to move Russian energy products (see 2501100027).

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OFSI also issued two new general licenses, including one that authorizes certain wind-down transactions with Gazprom Neft, Surgutneftegas and their subsidiaries, which expires Feb. 27. Another authorizes certain other transactions with Gazprom Neft subsidiary Gazpromneft-Sakhalin LLC.