The United Kingdom announced what it describes as a “landmark sanctions package” against Russia for its invasion and continued attacks on Ukraine. The “nearly 300 new sanctions on Russia,” targeting its energy revenues, are being hailed as the U.K.’s most aggressive economic action against Russia since the start of the war.
“The U.K. has announced a landmark sanctions package, cutting off critical oil revenues and further degrading the Kremlin’s ability to wage its illegal war,” read a press release issued by the U.K. government. The announcement of the package comes on the exact date that Russia invaded Ukraine four years ago.
It also comes the same day as U.K. Foreign Secretary Yvette Cooper was in Kyiv, Ukraine, announcing millions of British pounds in new funding for Ukraine, including funds for emergency energy support and “humanitarian assistance to front line communities.”
“Today I’m in Kyiv announcing £30 million in funding to strengthen Ukrainian energy resilience and support recovery, taking the total U.K. support to £21.8 billion since the start of the war,” Cooper said.
Regarding sanctions, it is the U.K.’s largest since the beginning of the war, according to the press release. The sanctions specifically target “PJSC Transneft, responsible for transporting over 80% of Russian oil exports,” which will put further economic pressure on Russia to find purchasers for its oil, which is vital to the country’s economy, as Russia is frequently referred to as a petrostate. Current Russian oil revenues are at “their lowest since 2020.”
Additionally, the U.K. targeted “Russia’s dark web of illicit oil traders,” including the critical “2Rivers oil network,” which the U.K. claimed is “one of the largest shadow fleet operators globally and a major trader of Russian crude oil.” It sanctioned 175 companies allegedly linked to the network, further hampering the Russian economy and future war efforts.
The U.K.’s new sanctions also pressure the “49 entities and individuals involved in sustaining Russia’s war machine.” This includes companies throughout the world that have contributed products to Russia’s war efforts and technological weapons, such as “Russian drones and other weapons terrorizing innocent Ukrainian civilians.” It also affects nine Russian banks, six targets of Russia’s liquefied natural gas industry – including two Russian exporter terminals, 3 nuclear energy companies, and 2 people entrusted with securing “nuclear installations overseas,” the U.K. announced.
“Deterring, disrupting and degrading the Russian shadow fleet remains a priority for this government, and this latest swathe of sanctions includes 48 oil tankers transporting oil as part of the Kremlin’s desperate attempt to soften the blow of crushing sanctions,” read the U.K.’s release about the sanctions. “To the Kremlin and those seeking to profit from this illicit trade, the message is clear – Russian oil is off the market.”
Cooper lauded the efforts the U.K. took in implementing the sanctions, criticizing Russia for its “barbaric assault” on Ukrainians and violating the codes of war in repeatedly harming Ukraine’s civilian population.
“Russia is now four years into what Putin believed would be a three-day invasion,” said Cooper. “As the Kremlin continues its barbaric assault against innocent civilians that have suffered their most brutal winter in a decade, the courage and determination of the Ukrainian people endures.”
“The U.K. has today taken decisive action to disrupt the critical financing, military equipment , and revenue streams that sustain Russia’s aggression, in our largest raft of measures since the early months of the invasion,” she said.
ZELENSKY ACCUSES PUTIN OF STARTING WORLD WAR III AHEAD OF FOUR-YEAR ANNIVERSARY OF INVASION
British Prime Minister Keir Starmer expressed his continued support for the Ukrainian people and emphasized that the war between Russia and Ukraine is “the most critical issue of our age.” He also declared that “Russia is not winning this war” and blasted “Putin’s aggression.”
“On this grim anniversary, our message to the Ukrainian people is simple: Britain is with you, stronger than ever,” Starmer said. “That is why we are announcing new support today, and we will continue to support Ukraine for as long as it takes.”
“For all the noise in world affairs today, this war remains the most critical issue of our age,” he said. “It asks the question of whether Ukrainian and European freedom will endure. Our answer, together, is unequivocal. Russia is not winning this war. They will not win this war. Ukraine’s courage continues to hold the line for our shared values, in the face of Putin’s aggression.”
“We will stand by their side, until a just and lasting peace – and beyond,” he said. “Slava Ukraini.”