The UK has announced its largest-ever sanctions package against Russia, adding 297 new individuals and entities to its sanctions list.
The new measures – the most extensive since the early months of the 2022 invasion—mark four years since Putin launched his full-scale, brutal assault on Ukraine.
The sanctions target PJSC Transneft, one of the world’s largest oil pipeline companies, which handles over 80% of Russia’s oil exports. The move is intended to further hinder the Kremlin’s efforts to find buyers for its restricted oil.
Foreign Secretary Yvette Cooper stated: “Russia is now four years into what Putin expected to be a three-day invasion. As the Kremlin continues its barbaric attacks on civilians enduring their harshest winter in a decade, the courage and resolve of the Ukrainian people remain unwavering.”
The new sanctions also target:
- 49 entities and individuals supporting Russia’s war effort, including international suppliers providing key components and technology used in Russian drones and weapons that terrorise Ukrainian civilians.
- 3 civil nuclear companies and 2 individuals involved in securing contracts for new Russian nuclear projects abroad, aimed at generating alternative energy revenue to offset falling oil income.
- 6 targets within Russia’s struggling liquefied natural gas (LNG) sector, including ships, traders, and the Portovaya and Vysotsk terminals that export Russian LNG.
- 9 Russian banks that facilitate cross-border payments, helping Russia maintain access to international markets and fund the Kremlin’s war operations: Post Bank, Avers Bank, TRANSCAPITALBANK, ABSOLUT Bank, SINARA Bank, LANTA-BANK, Bank TOCHKA, AK BARS, FORA-BANK.
