UK Shipping and Insurance Keep Russian LNG Flowing

British-owned or UK-insured vessels have moved 76 % of Russian LNG since the 2022 invasion. An exemption lasting until January permits services for Yamal LNG and Sakhalin-2, delivering £714 million a month to Moscow for seven months.

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The UK introduced phased sanctions in 2024 to choke Kremlin fossil-fuel income while safeguarding domestic oil-and-gas supplies. Officials say the temporary exemption balances market flexibility with the risk of a European energy shock.

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Seapeak Maritime (Glasgow) Ltd, owned by Stonepeak and billionaire Michael Dorrell, operates six Arc-7 icebreakers for Yamal. UK P&I clubs NorthStandard and West of England underwrite most Russian LNG vessels, covering £38 billion of insured shipments. Seapeak moved about £13 billion of LNG—roughly a quarter of Moscow’s exports—while Russia has earned £931 billion from oil and gas since 2022.

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The UK government says the phased sanctions protect domestic energy supplies while increasing pressure on Moscow. NorthStandard and West of England P&I Club assert their underwriting is fully authorised, non-profit, and essential for marine safety.

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A UK official warned the exemption “opens the door for Russia to fund its war economy”. Ross Greer (Scottish Greens) said Britain is directly allowing war funding. Svitlana Romanko (Razom We Stand) called the loophole a dangerous signal that commercial interests outweigh sanctions.

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The £714 million monthly revenue figure comes from data shared with The i Paper, not from official UK statistics, leaving a transparency gap.

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• "The irony will not be lost on people that the UK has put itself in a position where it has opened the door for Russia to fund its war economy with LNG sales while failing to adequately fund our own defence." — UK official

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• "We are very directly allowing Russia to make huge sums of money from this trade, money that is being spent on a total war economy." — Ross Greer, co-leader, Scottish Greens

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• "Loopholes like these undermine the purpose of sanctions and send a dangerous signal that commercial interests still outweigh the urgent need to cut the fossil fuel revenues helping to finance Russia’s war." — Svitlana Romanko, executive director, Razom We Stand

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• "It is the deal with the devil that has to be struck if we want to keep the lights on and the heating on." — senior energy shipping executive

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• "The provision of responsible P&I insurance… is critical for safeguarding the marine environment, seafarers, and coastal communities." — West of England P&I Club spokesperson

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The government announced new sanctions targeting finance networks and vessels linked to Russia’s shadow fleet, and the LNG exemption ends in January, after which UK services may no longer support Yamal or Sakhalin-2.

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