UK and Australia unleash biggest sanctions on Russia since 2022, target oil lifeline

The sanctions primarily target Transneft, one of the world’s largest pipeline companies, which is responsible for transporting more than 80% of Russia’s oil exports. In total, the measures apply to nearly 300 individuals and entities, including the 2Rivers network — one of the largest operators of Russia’s so-called shadow fleet.

The British government said Russia’s oil revenues are now at their lowest level since 2020. The restrictions have already deprived Kremlin leader Vladimir Putin and his regime of more than $450 billion — “the equivalent of two additional years of funding for his [Putin’s] illegal war.”

Australia’s sanctions cover 180 individuals and companies and target the financial and banking sectors, defense, aerospace, the oil and gas industry, transport, science and technology.

“Australia has also for the first time targeted cryptocurrency organizations that enable cross-border payments to facilitate sanctions evasion, which supports Russia’s military operations,” the Australian government said in a statement.

On Feb. 24, marking the anniversary of the full-scale Russian invasion, European Commission President Ursula von der Leyen and several other senior European officials arrived in Kyiv.

Meetings of the Coalition of the Willing and a Ukraine — Nordic and Baltic countries summit are scheduled to take place in Kyiv on Feb. 24.