Four Years On: UK Announces Largest Sanctions Package Against Russia

On 24 February 2026, marking the fourth anniversary of Russia's full-scale invasion of Ukraine, the UK announced its largest sanctions package since 2022. The package comprises nearly 300 new designations targeting critical Russian energy revenues, military supply networks, financial institutions, and key enablers of Russia’s war effort.

The UK Government’s press release for the sanctions is available here, and the full list of designations is available here.

Energy Sector Measures

The package introduces designations on a number of entities operating in the oil and liquefied natural gas (LNG) sector:

• PJSC Transneft: The UK has designated one of the world's largest oil pipeline companies, responsible for transporting over 80% of Russian oil exports.
• 2Rivers Oil Network: The package sanctions 175 companies in the "2Rivers" oil network, which the UK Government described as “one of the largest shadow fleet operators globally and a major trader of Russian crude oil”.
• Shadow Fleet Vessels: A further 48 oil tankers have been designated for their role in transporting Russian oil.
• LNG Targets: Six targets in Russia's LNG industry have been designated, including ships, traders, and Russia's Portovaya and Vysotsk terminals responsible for exporting Russian LNG.

Military and Defence Supply Chains

The package designates 49 entities and individuals involved in sustaining Russia's war effort. These designations target international suppliers providing vital goods, components, and technology used in Russian drones and other weapons deployed in Ukraine. The UK continues to focus on disrupting the supply chains that enable Russia to manufacture and deploy precision-guided munitions, unmanned aerial vehicles, and other military hardware.

Civil Nuclear Energy

Three civil nuclear energy companies and two individuals have been sanctioned for their involvement in trying to secure contracts for new Russian nuclear installations overseas. 

Financial Sector

Nine Russian banks have been designated for their role in processing cross-border payments vital to Russia's continued access to international markets and financing of military operations. These designations build on previous UK measures targeting Russia's financial sector, which have included, amongst others, asset freezes on major Russian banks and restrictions on dealing with certain Russian securities.

General Licences

Alongside these measures, the UK has also published two new wind-down general licences and amended a General Licence relating to Russian Oil Exempt Projects to include any entity owned or controlled, directly or indirectly, by PJSC Transneft. The two new wind-down general licences are as follows, both of which currently have the expiry date of 9 April 2026.

• General Licence INT/2026/8893924, which allows for the winding down of insurance policies written by Maritime Mutual entities and their subsidiaries before their designation.
• General Licence INT/2026/8889196, which allows for winding down of transactions involving PJSC Transneft. 

Companies seeking to rely on these General Licences should ensure that they comply with the terms of the General Licences. 

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