The UK government has imposed sanctions on Russian energy giants Gazprom Neft and PJSC Surgutneftegaz, the British government’s press service has announced.

These companies collectively produce over 1 million barrels of oil daily, generating approximately $23 billion annually at current market prices. Their profits are seen as critical in financing Russia’s ongoing war against Ukraine.

The sanctions are expected to significantly curtail Russia’s ability to generate revenue from energy exports.

“Oil revenue is the lifeblood of Putin’s war economy. We will not stand by and allow oil profits to endanger Ukrainian lives or undermine our collective security,” emphasized UK Foreign Secretary David Lammy.