Russia: Sanctions
The question
To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what recent assessment he has made of the impact of (a) UK and (b) other sanctions on Russian economic performance.
Answered by Stephen Doughty
Our Russia sanctions are restricting Putin's war machine and degrading his military. Sanctions have deprived Russia of over $400 billion since February 2022, equivalent to four more years of funding for the invasion. We have sanctioned 73 vessels forming part of Russia's 'Shadow Fleet', more than any other country. Many of these ships have been left idling at sea, and have struggled to fully re-enter the Russian oil trade. In September 2024 we sanctioned carriers transporting Russian Liquified Natural Gas (LNG), followed by a second set of vessels sanctioned in October. These carriers were involved in the shipping of LNG from Russia's Arctic LNG 2 project which has recently been forced to cease production as a result of sanctions, denying Russia a key source of revenue. The FCDO regularly reviews the effectiveness and impact of our sanction regimes and remains committed to continuing to impose and enforce sanctions, alongside our partners, to constrain Russia's remaining sources of revenue.
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