On November 12, the United Kingdom expanded its sanctions registry by adding Russia's largest petrochemical holding, Sibur, and the engineering company NIPIgaspererabotka. This was announced by UK Prime Minister Andy Burnham at the European Political Community (EPC) summit in Dublin. According to him, the meeting of representatives from nearly 50 states is being used to increase pressure on Moscow in order to compel a serious approach to ongoing negotiations on establishing peace in Ukraine. "Peace talks on Ukraine have progressed, but now is not the time for complacency — we must continue to ratchet up pressure on Russia so that it agrees to a full and immediate ceasefire," Burnham emphasized.
All Ten of Russia's Largest Oil Production Companies Under Restrictions
The new sanctions package affected a wide range of enterprises. In addition to Sibur and NIPIgaspererabotka, the list includes Rosneft's Vostok Oil project, the oil company Slavneft, coal mining organizations Kuzbassrazugol and the Siberian Coal Energy Company (SUEK), as well as UAE-registered trading structures Forteza Trading, Novus Energy, and Patera. Thus, British restrictions have for the first time covered all ten of Russia's largest oil-producing companies. Furthermore, sanctions were imposed on vessels involved in the transport of Russian oil and liquefied natural gas, including ships of the so-called "shadow fleet."
Sibur: 1.05 Trillion Rubles in Revenue and Ties to Putin's Inner Circle
Sibur ranks first in Russia among petrochemical producers. The holding's assortment includes polymers, synthetic rubber, plastics, and other chemical materials. According to corporate reporting for 2025, the company's revenue reached 1.05 trillion rubles, and net profit amounted to 205.1 billion rubles. The main owners of the holding include billionaires Leonid Mikhelson and Gennady Timchenko. In addition to them, Sibur shares are held by the Chinese petrochemical corporation Sinopec and the Silk Road Fund.
The Insider Investigation: Deliveries to Europe and the Defense Complex
A prior investigation by The Insider revealed that Sibur continued to supply products to Europe even after the start of Russia's armed invasion of Ukraine. Customs data examined by journalists indicated that from March 2022 to August 2023, the holding exported 3 billion euros worth of goods from Russia through the Vienna-registered structure SIBUR International GmbH. Among Sibur's owners, representatives of Vladimir Putin's immediate inner circle were identified: Gennady Timchenko, the president's former son-in-law Kirill Shamalov, businessman Yury Kovalchuk, and the Russian leader's nephew Mikhail Shelomov. The investigation also revealed supplies of chemical components — styrene and butyl acrylate — to the Perm Powder Plant, which produces charges for multiple launch rocket systems and missiles. Following the publication, Austrian authorities blocked the assets of Sibur's European structure, though the holding later managed to challenge this measure in a Vienna court.
NIPIgaspererabotka: From Sibur to Shareholders
The engineering company NIPIgaspererabotka, also known as NIPIGAS, specializes in project development and the construction of large-scale oil and gas industry facilities. Its projects include serving as general contractor for the construction of Gazprom's Amur Gas Processing Plant, one of the largest enterprises of its kind in the world. Until 2021, the company was part of Sibur's structure. The holding then distributed its shares to its shareholders as dividends, after which NIPIGAS lost its status as a subsidiary or dependent organization of Sibur. The owners of NIPIgaspererabotka are the same shareholders as those of the parent holding.
Context: Resumption of Talks and US Mediation
The expansion of British sanctions against the Russian oil industry comes against the backdrop of resumed direct contacts between Ukraine and Russia mediated by the United States. This week, the parties held talks on ending the war for the first time in several months. On November 12, American representatives Steve Witkoff and Jared Kushner met with Vladimir Putin; one of the topics discussed was the participation of European representatives in future peace talks. London, the prime minister's office noted, intends to use diplomatic platforms to coordinate efforts in increasing economic pressure on Moscow.
