Ukraine has imposed new sanctions on Russian companies involved in Arctic resource extraction - a lucrative sector that Kyiv says helps finance Moscow’s war against Ukraine.
The sanctions target a sector that has remained less affected by previous sanctions packages, even as Arctic extraction projects generate critical revenues for the Kremlin and accelerate fossil fuel development in one of the planet's most climate-sensitive regions.
Ukrainian President Volodymyr Zelenskyy announced the measures on Thursday, describing Arctic extraction as one of Russia’s most profitable ventures that generates tens of billions of dollars annually. He said the new sanctions aim to cut off that revenue stream, following earlier efforts to target Russia’s tanker fleet and oil sector.
“Any way to limit Russia’s income is effective resistance to the war,” Zelenskyy said in his evening address. He noted that the sanctions apply to Russian entities working on Arctic extraction projects and that Ukraine expects partners to extend similar restrictions. “We already know that this step will be continued by our partners,” he added.
Arctic fossil fuels: funding Russia's war, wrecking the planet
Oleh Savytskyi, a climate expert and campaign manager with Ukrainian NGO Razom We Stand, wrote on Facebook that Ukraine’s decision “speaks louder than promises to cut emissions by 2050.”
He called on the EU, the UK, and other “self-declared climate leaders” to “take immediate action the world needs most today - to stop Russia’s Arctic fossil fuel expansion projects and start cleaning up the mess caused by decades of Kremlin’s imperial plunder in this most fragile region of the planet.”
Ukraine aligns with EU's 19th sanctions package
Separately, Zelenskyy said Ukraine has synchronized its sanctions regime with the European Union’s 19th package against Russia, which focuses on restricting the export of electronic components and curbing Russian energy revenues.
While Ukraine’s own sanctions against Russia are largely symbolic, as the vast majority of economic cooperation was severed after the 2022 full-scale invasion, Ukraine often leads the charge on sanctions packages that international allies may later choose to adopt themselves.
