LONDON – In a significant escalation of economic pressure, more than 20 nations supporting Ukraine have pledged to collectively remove Russian oil and gas from the global market. The move, announced at a summit in London, aims to cripple the financing for President Vladimir Putin’s war effort.
“We’re choking off funding for Russia’s war machine,” said UK Prime Minister Sir Keir Starmer, who hosted the gathering of what he termed a “coalition of the willing.” The commitment builds on recent actions, including new sanctions by the UK and US on Russia’s two largest oil companies and EU measures targeting Moscow’s lucrative liquefied natural gas (LNG) exports.
Ukrainian President Volodymyr Zelensky, who attended the summit, reiterated that sustained “pressure” on Russia remains the only path to ending the conflict. However, the summit did not yield a breakthrough on his repeated requests for long-range missiles, such as US-made Tomahawks, which he argues are necessary to strike key military targets deep inside Russia.
This stance was reinforced during President Zelensky’s recent talks in Washington, where US President Donald Trump indicated he was not prepared to supply such weapons. The issue remains highly sensitive, with President Putin issuing a stark warning that any use of Western long-range missiles to strike Russian territory would be met with an “overwhelming” response.
Beyond energy, the coalition agreed on a “clear plan for the rest of the year,” which includes targeting Russia’s sovereign assets to “unlock billions to help finance Ukraine’s defence,” according to Prime Minister Starmer. While specific details were scarce, this aligns with ongoing discussions among European allies. EU leaders recently agreed to support Ukraine’s financial needs but stopped short of finalizing a plan for the €140bn in frozen Russian assets, with Danish Prime Minister Mette Frederiksen expressing hope for a decision by Christmas Eve.
With winter approaching, the coalition also pledged to strengthen Ukraine’s air defenses. President Zelensky warned that Russia aims to “make the winter cold a tool of torment” by targeting civilian energy infrastructure, as it has in previous years.
Diplomatically, Ukraine and its Western allies have publicly backed President Trump’s proposal for an immediate freeze in fighting along the current front lines to begin negotiations. However, Russia has rejected this idea, maintaining demands that Kyiv has dismissed as tantamount to surrender.
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