The UK government today unveiled a new package of sanctions, designating 38 individuals and entities accused of funding or equipping Russia's war. The measures target those involved in producing or transporting Russian oil, facilitating the production or global trade of items for ballistic missile capabilities, and circumventing financial sanctions.
Among the newly sanctioned are two Russian oil companies, Zarubezhneft and INK Capital. These additions mean UK sanctions now cover over 90% of Russia’s total oil production capacity. The government stated this action aims to stem the flow of Russian oil money and hinder attempts to rebadge oil under unsanctioned entities.
The package also includes 12 more oil tankers operating as part of Russia's shadow fleet, bringing the total number of sanctioned vessels to over 600. These tankers are described as part of an illicit oil trading network, often engaging in deceptive shipping practices.
Furthermore, three crypto exchanges and two payment platforms, with three linked to Kyrgyzstan, have been sanctioned. These entities are suspected of being used by Russia to circumvent financial sanctions, with two reportedly processing transactions with the A7 illicit finance network. The A7 network is said to have moved over $90 billion last year, equivalent to approximately half of Russia’s annual military expenditure.
Seventeen entities and individuals involved in supplying Common High Priority goods, deemed vital for Russia’s war effort by the UK, US, and EU, are also included. This covers Russia-based importers of machine tools, electronics, and materials critical for ballistic missile and drone production. The sanctions also target a European national for their association with a third-country entity exporting machine tools to Russia.