Britain sanctions Russia's Gazprom Neft, Surgutneftegaz

Britain imposed new sanctions on Russian oil majors Gazprom Neft and Surgutneftegaz <SNGS.MM> on Friday, in a move co-ordinated with the United States.

"Oil revenues are the lifeblood of (Russian President Vladimir) Putin's war economy," foreign minister David Lammy said in a statement. "Taking on Russian oil companies will drain Russia's war chest."

Britain and its Western allies have also been targeting the so-called shadow fleet in response to Russia's invasion of Ukraine, saying that the vessels trade in illicit Russian oil that helps fund Putin's war effort.

The UK's shipping sanctions restrict or prohibit the vessels' movement and access to some British ports.