UK imposes largest sanctions package against Russia in four years

The United Kingdom has announced a historic package of sanctions designed to deprive the Kremlin of key oil revenues and further weaken its ability to wage its illegal war.

In total, the UK is imposing nearly 300 new sanctions aimed at restricting Russia's energy revenues, particularly from oil exports, as well as targeting key suppliers of military equipment that support the war effort.

The UK government noted that the package – the largest since the start of the full-scale invasion in 2022 – comes four years after Russia's full-scale invasion of Ukraine.

The measures introduced on 24 February target one of the world's largest pipeline operators, Transneft, which is responsible for transporting more than 80% of Russia's oil exports. This will further complicate the Kremlin's efforts to find buyers for its sanctioned oil.

The UK sanctions also strike at a network of illicit oil traders. In particular, restrictions have been imposed on 175 companies linked to the 2Rivers oil network, one of the world's largest operators of shadow fleets and a major trader of Russian crude.

In addition, the latest sanctions package includes 48 oil tankers used to transport Russian oil while circumventing existing restrictions.

The new measures also target:

• 49 entities and individuals involved in supporting Russia's war machine, including international suppliers providing critical goods, components and technologies for Russian drones and other weapons;
• three civilian energy companies and two individuals involved in efforts to secure contracts for new Russian nuclear projects abroad;
• six elements of Russia's liquefied natural gas (LNG) sector, including vessels, traders and the Russian Portovaya and Vysotsk terminals responsible for LNG exports;
• nine Russian banks that process cross-border payments essential for maintaining access to international markets and helping finance the Kremlin's military operations.

The United Kingdom has now sanctioned more than 3,000 individuals, companies and vessels under its Russia sanctions regime. Foreign Secretary Yvette Cooper is visiting Kyiv today, where she also announced a new package of military, humanitarian and reconstruction assistance for Ukraine.

"The UK has today taken decisive action to disrupt the critical financing, military equipment and revenue streams that sustain Russia's aggression, in our largest raft of measures since the early months of the invasion," Foreign Secretary Yvette Cooper said.

On 24 February, the UK government also announced a new package of military and humanitarian support.

Meanwhile, the EU Council was unable to approve the 20th package of sanctions against Russia on Monday 23 February due to opposition from Hungary.