UK announces 24 new sanctions against Russian energy and military supply chain targets.
UK announces 24 new sanctions relentlessly targeting Russia's reeling war economy and oil industry.
Four of Russia's largest oil companies, with revenues over $20 billion are hit as UK doubles down on companies fuelling destruction in Ukraine.
UK action disrupts illicit networks trading in Russian oil and funnelling vital military supplies from Central Asia to Russia's front line.
A further hit on the Russian war economy lands today, as the UK imposes fresh sanctions on four more Russian Oil companies - tightening the screws on the Kremlin in the face of stalling tactics.
Today's action further erodes Putin's war chest, cracking down on sanctions evasion networks, and weakening Russia's military machine.
New measures directly hit Russia's largest remaining unsanctioned oil companies, PJSC Tatneft, PJSC Russneft, LCC NNK-Oil, and LLC Rusneftegaz Group. Together these companies bring in a combined revenue of over $20 billion and have been responsible for an increasing share of Russia's oil exports, now approaching 10% over the last six months. They have lined Putin's coffers for too long, fuelling destruction in Ukraine.
UK sanctions are squeezing Putin's revenues, and his creaking war economy has been in free fall since the UK and US sanctioned Russia's two largest oil companies in October. As a result, oil revenues have hit their lowest level since Putin launched his full-scale invasion, falling over a quarter in the last year.
As Russia desperately tries to find alternatives to its floundering oil industry, now is the time to keep up the pressure, targeting routes previously used to bypass western sanctions - sending a clear message that the UK, in lockstep with allies, will continue to act on evasion wherever it is found.
Sanctions Minister, Stephen Doughty said:
With Russian oil revenues in free fall, now is the time to tighten the squeeze on Putin's brutal war machine and bring Russia to the negotiation table.
Our message is clear - the UK will not rest until Putin ends the bloodshed and there is a just and lasting peace in Ukraine.
The UK is cracking down on profit-hungry traders making millions off illicit Russian oil. Today's measures target billionaire oil tycoon Murtaza Ali Lakhani and companies in his shadowy network that have become some of the largest traders of Russian oil since 2022.
Today's action also clamps down on Central Asian supply chains of cotton pulp, a vital component of ammunition, explosives and missile fuel which Russia cannot produce at scale.
The UK's support for Ukraine remains resolute and today's action demonstrates our continued efforts to ratchet up pressure on Putin at every opportunity to ensure a just and lasting peace for Ukraine.
Background
- Please find a full list of today's sanctions targets here .
