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UK announces 24 new
sanctions relentlessly targeting Russia's
reeling war economy and oil industry.
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Four of Russia's largest oil
companies, with revenues over $20
billion are hit as UK doubles
down on companies fuelling destruction in
Ukraine.
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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, 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.
