FX.co ★ UK Plans Ban on Maritime Services for Russian LNG Exports

The UK is set to prohibit companies from delivering services, such as shipping and insurance, for Russian liquefied natural gas (LNG) exports. This strategic decision aims to bolster support for Ukraine by curtailing Moscow's energy revenues, as reported by Reuters. In alignment with this, the European Union ratified new sanctions in October, which will cease Russian LNG imports starting January 1, 2027. Concurrently, Britain and the United States have targeted Russia's two major oil enterprises, Lukoil and Rosneft. On Tuesday, the UK government unveiled plans to intensify efforts by denying Russian firms access to British services pertinent to LNG exports. "The phased implementation of this ban will align with our European counterparts over the course of 2026," the UK's Foreign Office declared in a statement. This announcement comes ahead of the Group of Seven foreign ministers' convening in Canada on Tuesday and Wednesday.