September 27, 2024
1 min read

Tankers carrying Russian gas face UK sanctions

The sanctions cover ships which were, until relatively recently, insured by British companies…reports Asian Lite News

For the first time since Russia invaded Ukraine two and a half years ago, the UK has begun to sanction tankers carrying Russian liquefied natural gas (LNG) to Europe and around the world.

The Foreign, Commonwealth and Development Office (FCDO) has announced it is using new powers to sanction five LNG tankers and two companies involved in the LNG sector.

The sanctions cover ships which were, until relatively recently, insured by British companies, though those insurers cut their ties when those vessels were sanctioned by the US.

The FCDO is also closely examining whether it should sanction other LNG tankers carrying Russian LNG. This follows a reports earlier this year, which revealed that a company whose LNG operations headquarters are located in Glasgow, Seapeak, part owns and operates a number of tankers carrying Russian gas from Siberia to Europe. The report also found that numerous LNG tankers are still insured by British companies.

The flow of LNG out of Russia represents a key source of Russian income, both for domestic businesses and, even more so, for government revenues. While many other streams of natural resources exports are declining, the Kremlin is hoping to increase its share of global LNG market share from 8% to 20%.

However, sanctioning these vessels is a thorny business, since they are still providing large quantities of gas to Europe, which has so far stopped short of sanctioning Russian gas.

But since the UK is a critical player in this shipping sector, it both benefits from the trade, and has an outsize influence in clamping down on it.

The FCDO is understood to be preparing to use its new powers, which allow it to sanction individual vessels, again in the coming months.

ALSO READ: Starmer, Macron back India for UNSC seat

Previous Story

Starmer to meet Trump for the first time

Next Story

Cyberattack disrupts major railway stations

Latest from -Top News

Multi-alignment, upgraded

With US ties strained and China tense, New Delhi taps Europe’s harder edge for co-development, clean tech and strategic autonomy, writes Manoj Menon India is recalibrating its great-power hedging as frictions with

India-EU Trade Deal Breakthrough Soon?

Negotiators report increased momentum in discussions, which have been given a boost from US President Donald Trump’s tariff offensive…reports Asian Lite News India and the European Union aim to finalise a trade

Europe Seeks Peace in Gaza

European countries condemn Israeli interception of Gaza-bound flotilla, demand safety of citizens…reports Asian Lite News Israel’s interception of an international flotilla carrying humanitarian aid to Gaza has sparked condemnation across Europe, with

GAZA: Egypt to Host Peace Talks

Egypt hopes the discussions will help “end the war and the suffering of the brotherly Palestinian people, which has continued for two consecutive years…reports Asian Lite News Egypt will host Israeli and

‘My Injuries Made Me’

During his four-year battle with injury, the incumbent fast bowling spearhead made occasional appearances but couldn’t bear the workload and demands of red-ball cricket….reports Asian Lite News England tearaway Jofra Archer believes
Go toTop

Don't Miss

Russia says three killed in Crimea bridge blast

The blast ripped through the 19-kilometer bridge more than seven

Christianity in crisis in UK and US

Immigration has always been one of the major drivers of