‘Cut off Putin’s cash’: 20-nation alliance vows to choke Russia’s oil and gas lifeline to fund Ukraine war effort

In recent days, Washington and London have imposed sanctions on Rosneft and Lukoil, Russia’s two biggest oil companies, while the EU moved to restrict Moscow’s liquefied natural gas (LNG) exports.

These steps, according to Politico, mark a major escalation in the West’s sanctions regime. One European official said the move could “significantly increase the pressure on Putin” if more energy firms are targeted, including Surgutneftegas, believed to be personally tied to the Russian leader.

“If their entire oil sphere could be squeezed, it might bring Putin to the table,” one person familiar with Friday’s discussions told Politico.

Zelensky pushes for stronger action

Speaking alongside Starmer, Ukrainian President Volodymyr Zelensky said that the only way to end the war was to 'intensify pressure' on Russia.

Zelensky attended the London summit after talks in Washington, where US President Donald Trump declined to supply long-range Tomahawk missiles, a key ask from Kyiv. The Ukrainian leader argued that such weapons could cripple Russian supply chains and oil infrastructure deep inside its territory.

However, Trump told reporters last week he was “not ready” to make that move.

President Putin warned that any strikes on Russian territory with such weapons would invite an 'overwhelming response.'

No new weapons, but new promises

While the summit delivered no announcements on new weapons or missiles for Kyiv, allies pledged to strengthen Ukraine’s air defence systems and support its energy infrastructure amid relentless Russian airstrikes on civilian and power facilities.

Zelensky warned that Moscow was 'weaponising winter', saying Russia’s goal was to make the cold 'a tool of torment' for Ukrainians.

“They want to break us. But pressure is the only language Russia understands,” he said.

Financing Ukraine’s fight

Starmer said the coalition also planned to target Russia’s sovereign assets to unlock billions for Ukraine’s defence and reconstruction — though he stopped short of giving details.

EU leaders this week agreed to support Ukraine’s financial needs for the next two years, but failed to finalise a plan to use €140 billion in frozen Russian assets. Danish Prime Minister Mette Frederiksen told reporters she hoped an agreement could be reached 'by Christmas Eve.'

Public fatigue and daily struggles in Ukraine

While leaders in London discussed long-term strategy, ordinary Ukrainians told the BBC they were focused on surviving daily hardships caused by ongoing Russian attacks.

Residents in Odesa and Kyiv described power outages, water shortages, and escalating airstrikes, with one resident saying, “The scarier thing is the guided bombs, we hear them every night.”

Another Kyiv resident, Tetiana Dankevych, said, “I don’t feel this war will end soon. Life has become very difficult.”

Diplomatic backdrop: Trump’s shifting stance

Behind the scenes, diplomatic tensions continue to simmer. Politico reported that Trump’s planned meeting with Putin in Hungary was abruptly cancelled after a tense phone call between US Secretary of State Marco Rubio and Russian Foreign Minister Sergei Lavrov.

Earlier this week, the US administration announced fresh sanctions on Rosneft and Lukoil, a move that Trump described as a 'necessary step' after initially resisting more punitive measures.

“I just felt it was time,” Trump told reporters, adding that sanctions work best “when nations act together.”

What’s next for the coalition

Friday’s meeting in London, which included NATO Secretary-General Mark Rutte, Dutch PM Dick Schoof, and several EU leaders, ended with a joint statement pledging to “sustain pressure until Russia chooses peace.”

While the 'coalition of the willing' is unlikely to send Ukraine new offensive weapons in the near term, it aims to tighten financial and energy sanctions, and keep diplomatic pressure on the Kremlin to re-engage in peace talks.