Britain on Tuesday sanctioned oil pipeline operator Transneft as part of a package of nearly 300 measures, announcing its largest set of penalties to coincide with the fourth anniversary of Russia’s invasion of Ukraine.
The government said Transneft was one of the world’s largest pipeline firms and the transporter of more than 80% of Russia’s crude exports. It was targeted to further cut Moscow’s energy revenues.
“The UK has today taken decisive action to disrupt the critical financing, military equipment and revenue streams that sustain Russia’s aggression,” foreign minister Yvette Cooper said in a statement.
The new measures bring the number of people, companies and ships sanctioned under Britain’s Russia measures to more than 3,000. Tuesday’s package also included 48 oil tankers identified as part of efforts to curb Russia’s so-called “shadow fleet.”
REVENUE SQUEEZE ON MOSCOW
London said its sanctions were piling pressure on Russian President Vladimir Putin, saying that his war effort was faltering and government revenues were in free fall.
Analysis by the nonprofit Centre for Research on Energy and Clean Air showed Russia earned 193 billion euros ($227 billion) from oil, gas, coal and refined products exports in the 12 months to February 24, 2026, a 27% drop from the comparable period before the invasion.
Russia’s gas exports have collapsed since 2022, but sanctions have not reduced its oil export volumes; instead, they have pushed Moscow to sell crude at lower prices.
Russia has also redirected crude to China, India and Turkey, often using the shadow fleet of ageing, uninsured tankers.
Western governments have targeted those tankers, but “deterring, disrupting and degrading” them remained a priority, Britain said.
In its Tuesday sanctions package, Britain targeted what it described as Russia’s dark-web oil networks, sanctioning 175 companies in the Dubai-based 2Rivers group, saying it was one of the world’s largest shadow-fleet operators and a major trader of Russian crude.
2 Rivers did not immediately respond to a request for comment.
U.S. President Donald Trump has pushed India to shift away from Russian crude as a condition of a trade deal, while the European Union is debating a broader ban on business supporting Russia’s seaborne crude trade.
On Monday, the European Union failed to agree to its 20th sanctions package against Russia after Hungary maintained its veto on Russia and a 90 billion euro loan for Ukraine amid a dispute over oil supplies.
(REUTERS)
