UK Shipping Company Enabled $3.2B in Russian LNG Exports Amid Ukraine War

Seapeak's role in transporting Russian gas fueled Moscow's war efforts, say campaigners

Apr. 12, 2026 at 4:28pm by

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A high-end, photorealistic studio still-life photograph featuring a stack of polished steel shipping containers, their reflective surfaces casting dramatic shadows on a clean, monochromatic background, symbolizing the transportation of Russia's LNG exports and the financial implications of this trade.The UK shipping company Seapeak's pivotal role in transporting Russian LNG exports has enabled Moscow to fund its war efforts against Ukraine.San Francisco Today

A UK shipping company, Seapeak, played a significant role in enabling Russia's liquefied natural gas (LNG) exports worth £2.3 billion ($3.2 billion) in 2025, according to campaigners. This revenue is close to the estimated cost of 87,000 Shahed-type attack drones used by Russia against Ukraine. Seapeak's involvement in the Yamal LNG project represented a 37.3% share of the trade, more than any other company.

Why it matters

The war in Ukraine has been partly funded by Russia's gas and oil exports, and Seapeak's role in transporting LNG from the Yamal project has provided a significant revenue stream for the Kremlin. Critics argue that companies enabling Russian LNG trade are directly funneling money into Moscow's budget to finance its brutal invasion of Ukraine.

The details

Seapeak, a Glasgow-based shipping company, led Russian LNG exports from the Arctic Yamal LNG project in 2025. The company operated six of the 15 specialized Arc7 ice-class vessels built for the Yamal project, which accounted for 37.3% of the total LNG trade from the facility that year. This represents an increase from 35.9% in 2024, despite a slight drop in overall LNG volumes transported.

  • In 2025, Yamal LNG exported a total of €7.2 billion ($8.4 billion) worth of LNG to European markets, accounting for nearly 15% of the EU's global LNG imports.
  • The EU has approved a ban on Russian LNG imports by early 2027, with pipeline gas imports to follow later that year.

The players

Seapeak

A Glasgow-based shipping company that led Russian liquified natural gas (LNG) exports from the Arctic Yamal LNG project in 2025, accounting for 37.3% of the total trade.

Yamal LNG

Russia's main LNG export route to Europe, located in northwestern Siberia.

Urgewald

An NGO that analyzed the Yamal LNG project's exports and Seapeak's role in enabling them.

Sebastian Rotters

Urgewald's sanctions campaigner who calls Seapeak's ships the 'backbone of Russia's Arctic LNG exports' and urges the British government to take action.

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What they’re saying

“These ships are the backbone of Russia's Arctic LNG exports, and we urge the British government to take immediate action against them.”

— Sebastian Rotters, Sanctions campaigner, Urgewald

What’s next

The EU has approved a ban on Russian LNG imports by early 2027, with pipeline gas imports to follow later that year. Critics argue that companies like Seapeak, by enabling Yamal LNG, are not just transporting gas but also funneling money directly into Russia's budget, enabling Moscow to fund its brutal war against Ukraine.

The takeaway

This case highlights the role that international companies can play in enabling Russia's war efforts through their involvement in the country's energy exports. It raises questions about the need for stronger sanctions and regulations to cut off financial support for the Kremlin's military actions in Ukraine.