On February 24, Britain and Australia announced the largest sanctions packages against Russia since the start of the full-scale war. The restrictions cover hundreds of individuals and companies, the banking sector, and the “shadow fleet” that transports Russian oil exports.
This is stated in the announcements by the governments of the UK and Australia.
The new UK sanctions cover nearly 300 Russian individuals and companies. The main target is Transneft, through which, according to the government, more than 80% of Russian oil exports are transported.
The sanctions also affect 175 companies in the 2Rivers network, one of the largest operators of the “shadow fleet” in the world. In addition, the new restrictions apply to 48 tankers involved in transporting Russian oil in circumvention of sanctions.
The banking sector is also subject to sanctions. The restrictions affect ten Russian banking networks.
“International sanctions have now deprived Putin of more than $450 billion — the equivalent of two more years of funding for his illegal war. Since last year, Russia’s economy has been stagnating and revenue streams have fallen sharply, with oil revenues at their lowest level since 2020,” the British government said in a statement.
Australia’s sanctions target 180 individuals and companies. A number of ships in the “shadow fleet” are also subject to restrictions. The sanctions cover the financial and banking sectors, defense, aerospace, oil and gas, transport, and science and technology.
Since the start of the full-scale war, Australia has allocated more than $1.7 billion in aid, including $1.5 billion in military support for Ukraine’s self-defense.