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The United Kingdom has announced its largest sanctions package against Russia since the full-scale invasion of Ukraine, targeting key revenue streams and further restricting the Kremlin’s ability to fund its illegal war, according to the UK government.
Nearly 300 new measures focus on Russia’s critical income sources, including oil exports, and major suppliers of military equipment. One of the main targets is Transneft, which transports over 80% of Russian oil exports, complicating Moscow’s efforts to find buyers amid existing restrictions. The UK government says international sanctions have already deprived Vladimir Putin of more than $450 billion, roughly equivalent to two years of funding for his war. Russia’s economy has stagnated since last year, with oil revenues falling to their lowest level since 2020, prompting the Kremlin to raise taxes on citizens and corporations.
The new sanctions also target Russia’s illicit oil trading network, including 175 companies in the 2Rivers group, one of the world’s largest “shadow fleet” operators and a major crude oil seller. Measures extend to 48 oil tankers to limit Moscow’s ability to offset the impact of sanctions.
Additionally, 49 legal entities and individuals supporting Russia’s military efforts are sanctioned, including international suppliers providing parts and technologies for drones and other weapons used against civilians in Ukraine. Three civilian energy firms and two individuals facilitating contracts for Russian nuclear projects abroad are also included, along with six liquefied natural gas assets, such as vessels, traders, and the Portovaya and Vysotsk terminals. Nine Russian banks involved in international payments and maintaining Kremlin access to global markets are also affected.
“We will continue to support the Ukrainian people and defend Europe’s security, because Ukraine’s security is security for all of us,” said UK Foreign Secretary Yvette Cooper.
