More than 20 countries backing Ukraine have pledged to remove Russian oil and gas from global markets, in what UK Prime Minister Keir Starmer described as an effort to “choke off funding for Russia’s war machine,” as reported by the BBC.
The announcement came after a “Coalition of the Willing” summit in London, attended by Ukrainian President Volodymyr Zelenskyy. The pledge builds on a new wave of Western sanctions: the UK and US recently targeted Russia’s two largest oil companies, Rosneft and Lukoil, while the EU imposed restrictions on Moscow’s liquefied natural gas exports.
Zelenskyy welcomed the tightening of sanctions, saying that “pressure” was the only way to stop the war, now entering its fourth winter. He warned that Russia “wants to make the winter cold a tool of torment” as it continues near-daily attacks on Ukraine’s energy system.
He said in his evening address that all coalition members agreed to keep tightening pressure “on Russian oil, oil companies, terminals, the tanker fleet, and the aggressor’s infrastructure.” Some decisions, he added, “will help us significantly,” but details would remain undisclosed “to make it harder for Putin.”
Starmer said the allies had agreed on a “clear plan for the rest of the year” to sustain Ukraine’s defense, including efforts to target Russia’s sovereign assets and “unlock billions” for Kyiv, though no details were given.
EU leaders separately endorsed plans to cover Ukraine’s financial needs for the next two years but stopped short of approving the use of frozen Russian assets worth €140 billion.
The London gathering also discussed support for Ukraine’s energy grid and air defenses. Protecting Ukraine’s critical infrastructure remains an urgent issue as Russia intensifies strikes aimed at plunging cities into darkness during the coming winter.
Western sanctions on Russian oil and gas
The London announcement follows coordinated Western sanctions action on 22-23 October, when the US designated Russia's two largest oil companies, Rosneft and Lukoil, along with more than 30 subsidiaries, freezing their US assets and prohibiting American transactions with them.
The EU simultaneously approved its 19th sanctions package, banning Russian LNG imports and targeting additional shadow fleet vessels.
Chinese state oil firms have suspended seaborne Russian oil purchases following the US sanctions, while Indian refiners prepare to slash imports. Together, China and India absorbed 85% of Russia's crude exports after Western sanctions shifted Russian oil trade from Europe to Asia.
The coordinated pressure comes as Rosneft's profits collapsed 68% in the first half of 2025, with free cash flow plunging 75% - the clearest sign yet that sanctions combined with Ukrainian strikes on refineries are systematically dismantling the Kremlin's war funding.
