On the fourth anniversary of Russia's full-scale invasion of Ukraine, the United Kingdom and Australia announced sweeping sanctions targeting nearly 480 individuals, entities, and vessels linked to Russia's war economy, according to statements released by both governments on 24 February.
The UK package — described by the British government as "the largest since the early months of the invasion in 2022" — covers nearly 300 new designations. Its centerpiece is PJSC Transneft, one of the world's largest oil pipeline companies, "responsible for transporting over 80% of Russian oil exports," the UK government states.
The measures also strike at the infrastructure Russia has built to dodge existing restrictions. London sanctioned 175 companies within the 2Rivers oil network, which the British government describes as "one of the largest shadow fleet operators globally and a major trader of Russian crude oil." Another 48 oil tankers were designated. "To the Kremlin and those seeking to profit from this illicit trade, the message is clear — Russian oil is off the market," the UK statement reads.
Beyond oil, the package targets 49 entities and individuals involved in supplying goods, components, and technology used in Russian drones and weapons; three civil nuclear energy companies pursuing contracts for new Russian nuclear installations overseas; six targets in Russia's liquefied natural gas industry, including ships, traders, and export terminals; and nine Russian banks processing cross-border payments, according to the UK government.
"So far international sanctions have deprived Putin of over $450 billion — the equivalent of two more years of funding for his illegal war," the British government stated. "Since this time last year, Russia's economy has stagnated and their revenue streams have been in freefall, with oil revenues at their lowest since 2020."
The government added that the Kremlin "has been forced to hike taxes for ordinary Russians, including VAT and corporation tax" to compensate for lost revenues.
Foreign Secretary Yvette Cooper, visiting Kyiv on the same day, announced £30 million in funding to strengthen Ukrainian energy resilience and support recovery, "taking the total UK support to £21.8 billion since the start of the war," she said. Over £25 million will go toward repairs to damaged energy infrastructure, with a further £5 million allocated to justice and accountability for victims of alleged Russian war crimes, according to the statement.
"Putin's war economy is faltering, and its revenues are in freefall," Cooper stated. "Ukraine's security is our security."
Australia: largest sanctions package and lowered oil price cap
Australia, for its part, imposed sanctions on 180 individuals, entities, and shadow fleet vessels — "our single largest sanctions package since February 2022," according to a joint media release by Prime Minister Anthony Albanese and Defence Minister Richard Marles.
The sanctions target Russia's "finance and banking, defence, aeronautical, oil and gas, transportation, and science and technology sectors," the Australian government reports. They are "designed to squeeze Russian revenues and further constrain its ability to continue its illegal and brutal invasion."
For the first time, Canberra is also targeting cryptocurrency entities "that enable cross-border payments to facilitate sanctions circumvention which sustains Russia's military operations," the statement notes.
Australia also lowered its Russian oil price cap from $47.60 to $44.10 per barrel, "alongside action taken by our international partners to further drive down the market value of Russian crude oil," according to the government.
Since the start of the full-scale invasion, Australia has committed over $1.7 billion in total assistance, including $1.5 billion in military support and $40 million to the Ukraine Energy Support Fund "to help keep lights on, homes heated and essential services operating," the release states.
Australia has now imposed more than 1,800 sanctions in response to Russia's full-scale invasion, the government reports. The UK has sanctioned over 3,000 individuals, businesses, and ships under its Russia regime.
