Russian gas tanker faces UK sanctions for first time | business news

Britain has begun imposing sanctions on tankers carrying Russian liquefied natural gas (LNG) to Europe and around the world for the first time since Russia invaded Ukraine two and a half years ago.

The UK Foreign and Commonwealth Office (FCDO) has announced it will use new powers to sanction five LNG tankers and two companies involved in the LNG sector.

The sanctions cover ships that until relatively recently were insured by British companies. But when the ship was subject to U.S. sanctions, the insurer cut ties.

Sky News understands the FCDO is also looking closely at whether it should sanction other LNG tankers carrying Russian LNG.

This follows a Sky News report earlier this year that a company, whose LNG operations are based in Seapeak, Glasgow, partly owns and operates a number of tankers transporting Russian gas from Siberia to Europe. It turns out that there is. The report also found that a number of LNG tankers were still insured by British companies.

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The result is that British companies are still helping to drive exports from Russia.

LNG flows from Russia represent a major source of Russian revenues for both domestic companies as well as government revenues. The Kremlin hopes to increase its share of the global LNG market from 8% to 20%, while many other natural resource export flows are declining.

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But sanctioning these vessels is tricky business. This is because large quantities of gas are supplied to Europe, which has not yet sanctioned Russian gas.

But Britain plays a major role in this shipping sector, so it not only benefits from the trade but also has enormous influence in policing it.

The FCDO is understood to be preparing to use new powers to sanction individual vessels again in the coming months.

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