UK wants to attack Russia’s energy sector with new sanctions

The UK will seek to target Russia’s energy sector in future rounds of sanctions, a move the government has so far resisted over warnings that energy bills could rise.

Since Russia’s invasion of Ukraine on February 24, the UK has banned Russia from selling debt on its capital markets, sanctioned several Russian banks and companies including defense firm Rostec and airline Aeroflot.

“We have been very coordinated in terms of sanctions, we have shown great unity. It is having a big effect in Russia, but now we have to do moreBritish Foreign Secretary Liz Truss said during a visit to Brussels for a meeting of NATO members.

“We have to look especially at the oil and gas sector, how we reduce our dependence across Europe on Russian gas, how we cut off funding for Vladimir Putin’s war machine”.

Energy companies have already been hit indirectly by banking and trade sanctions, a ban on Russian ships docking in Britain and a move to prevent Russian companies from raising finance in London.

Companies such as Gazprom are listed on the London secondary market, and the London Stock Exchange (LSE) has this week suspended trading in Russian securities.

The United States and the EU have already imposed some sanctions on Russia’s oil refining and energy sectors, but Washington has been cautious about imposing sanctions on Russian oil and gas flows.

Last week, Washington imposed sanctions on the company in charge of building the Russian Nord Stream 2 gas pipeline.