Britain announced its largest sanctions package against Russia - up to 300 new restrictions
Kyiv • UNN
Great Britain has announced its largest sanctions package against Russia, introducing almost 300 new restrictions four years after the full-scale invasion. The sanctions are aimed at reducing Russia's oil revenues, including Transneft and the shadow fleet, as well as military equipment suppliers and financial institutions.
The United Kingdom has announced its largest package of sanctions against Russia – almost 300 new sanctions – four years after Russia's full-scale invasion of Ukraine, the country's Foreign Ministry reported, writes UNN.
The UK has announced a landmark package of sanctions that cuts critical oil revenues and further degrades the Kremlin's ability to wage its illegal war. Almost 300 new sanctions have been announced as the UK steps up its fight against critical Russian energy revenues, including oil exports, and key military equipment suppliers fueling the war effort.
The announcement comes as UK Foreign Secretary Yvette Cooper is in Kyiv, announcing new support for Ukraine's resilience.
"The package, the largest since the early months of the 2022 invasion, comes four years after Putin's barbaric full-scale invasion of Ukraine. Today's actions target one of the world's largest oil pipeline companies, PJSC Transneft, which is responsible for transporting over 80% of Russian oil exports, further hindering the Kremlin's desperate struggle to find buyers for sanctioned oil," the statement said.
As noted, international sanctions have so far deprived Putin of over $450 billion – equivalent to another two years of funding his illegal war. Since last year, Russia's economy has stagnated, and revenue streams have plummeted, with oil revenues at their lowest level since 2020, the British Foreign Ministry indicated. In an attempt to compensate for lost revenues, the Kremlin has been forced to raise taxes on ordinary Russians, including VAT and corporate income tax, the statement said.
The new measures also affected Russia's shadow network of illegal oil traders, imposing sanctions on 175 companies of the "2Rivers" oil network, one of the world's largest operators of the "shadow fleet" and a major trader of Russian oil.
Deterring, disrupting, and degrading Russia's "shadow fleet" remains a priority for the British government, as stated.
"This latest series of sanctions includes 48 oil tankers carrying oil, in a desperate attempt by the Kremlin to mitigate the impact of devastating sanctions. For the Kremlin and those seeking to profit from this illegal trade, the message is clear – Russian oil is off the market," the British Foreign Ministry emphasized.
The UK has already sanctioned over 3,000 individuals, entities, and vessels under the Russian regime. The British Foreign Secretary is visiting Kyiv today, where she also announced a new package of military, humanitarian, and reconstruction support for Ukraine, the country's Foreign Ministry indicated.
Today's actions, as reported by the UK Foreign Ministry, also strengthen restrictions on:
- 49 organizations and individuals involved in supporting the Russian war machine, including international suppliers providing vital goods, components, and technologies for Russian drones and other weapons that terrorize peaceful Ukrainians;
- 3 civilian nuclear energy companies and 2 individuals involved in attempts to secure contracts for new Russian nuclear facilities abroad, opening up additional energy revenue streams to offset the sharp decline in oil revenues;
- 6 facilities in the Russian liquefied natural gas (LNG) industry, including vessels, traders, and the Russian terminals Portovaya and Vysotsk, responsible for exporting Russian LNG;
- 9 Russian banks that process cross-border payments vital to Russia's attempts to maintain access to international markets and help finance the Kremlin's war effort.
"Today, the UK also announced over £30 million to strengthen Ukraine's resilience after a brutal winter of Russian strikes that plunged civilians into freezing darkness. Over £25 million will go to repair damaged energy infrastructure and support the men, women, and children whose lives continue to be uprooted by Russia's aggression. Another £5 million is helping to achieve justice and accountability for victims of alleged Russian war crimes," the statement said.