On the fourth anniversary of Russia’s full-scale invasion of Ukraine, the UK has introduced a comprehensive sanctions package aimed at crippling Moscow’s military financing. This initiative, described by officials as the most extensive since the onset of the conflict, targets nearly 300 entities and seeks to sabotage Russia’s oil revenue, a crucial lifeline for its military operations. Notably, PJSC Transneft, which manages over 80% of Russia’s oil exports, has been designated for sanctions in an effort to hinder the Kremlin’s search for buyers for its sanctioned crude.
Foreign Secretary Yvette Cooper, while announcing these measures in Kyiv, emphasized the UK’s commitment to disrupt the Russian war effort. Recent international sanctions have reportedly deprived Russia of over $450 billion, leading to severe fiscal strain that has prompted the Kremlin to increase taxes on its citizens. Alongside energy, the new sanctions also address numerous entities involved in supplying critical military technology to Russia, with additional penalties aimed at the country’s LNG sector and several key financial institutions facilitating international payments.
The sanctions package also allocates over £30 million to bolster Ukrainian energy resilience following devastating winter attacks. This brings the UK’s total aid to Ukraine to approximately £21.8 billion since the beginning of the war. UK officials reaffirmed their resolve to support Ukraine, stating that every act of aggression from Russia only strengthens their commitment to ending the conflict and ensuring lasting peace.
