Sanctioning Russian oil and gas
Official data has shown that the UK-backed price cap on Russian oil and oil products is successfully undermining Putin’s ability to fund his illegal war in Ukraine.
The British government has always said that Britain will be unwavering in our resolve to support Ukraine and that we would send a clear message to Putin that his actions will face consequences. Official data shows our approach is undermining Putin’s ability to fund his illegal war.
- The UK-backed price cap on Russian oil and oil products has led to a 20 per cent decline in Russian government income between January and March 2023 compared to a year ago. The Russian Ministry of Finance posted a 45 per cent plunge in government energy revenues in the same period.
- The oil price cap forms a critical part of the largest and most severe package of sanctions ever imposed on a major economy. We will continue to keep the pressure on Russia alongside our international partners.