A significant coalition of over 20 nations backing Ukraine has announced a united commitment to removing Russian oil and gas from the global market. This move is designed to exert substantial pressure on Russian President Vladimir Putin to bring an end to the ongoing war in Ukraine.
During a summit hosted in London, UK Prime Minister Sir Keir Starmer declared, “We’re choking off funding for Russia’s war machine.” This statement underscores the strategic intent behind the collective action, which has seen the UK and US sanction major Russian oil companies, while the European Union has targeted Moscow’s liquefied natural gas (LNG) exports.
Ukrainian President Volodymyr Zelensky, who attended the summit, emphasized that sustained “pressure” on Russia is the most effective path to stopping the conflict. However, the summit concluded without any new announcements regarding the delivery of long-range missiles to Ukraine, a key request from President Zelensky.
President Zelensky has consistently argued that advanced weaponry, such as US-made Tomahawks and European missiles, would be instrumental in hindering Russia’s military operations by targeting critical infrastructure like oil refineries and weapons depots deep within Russian territory. Despite this, US President Donald Trump reportedly indicated to President Zelensky during recent discussions in Washington that the US was not prepared to supply Tomahawk missiles.
In response to potential Western escalations, President Putin issued a warning on Thursday, stating that any use of such weapons against Russian territory would result in an “overwhelming” response. Russia initiated its full-scale invasion of Ukraine in February 2022.
At the London summit, Prime Minister Starmer also revealed plans to utilize Russia’s frozen sovereign assets, estimated to be worth billions, to support Ukraine’s defense efforts, though specific details were not provided.
Meanwhile, EU leaders have agreed to provide financial support for Ukraine over the next two years, although a contentious deal to utilize approximately €140 billion (£122 billion) in frozen Russian assets has not yet been finalized. Danish Prime Minister Mette Frederiksen expressed optimism that a decision on a potential “reparations loan” funded by these assets could be reached by Christmas Eve.
The participating nations also pledged to bolster Ukraine’s air defense capabilities, a crucial measure given the near-daily Russian attacks on Ukrainian civilians and energy infrastructure. President Zelensky highlighted Russia’s intent to weaponize the winter season, stating, “they want to break us.” Discussions also covered further support for Ukraine’s energy sector, but no specific new aid packages were announced.
The summit also addressed President Trump’s proposal for an immediate ceasefire along the front lines to facilitate negotiations, a suggestion that Russia has rejected, reiterating its demands which Ukraine and its allies consider tantamount to capitulation.