UK announces biggest sanctions package against Russia four years on from full-scale invasion of Ukraine, EU yet agree on the 20th Sanctions Package against Russia

 

On 24 February, the UK Government introduced a significant new tranche of Russia-related sanctions, including measures targeting vessels and entities across the maritime value chain, as part of the fourth-anniversary response to the invasion of Ukraine. The designations form part of what ministers described as the UK’s largest package since 2022.

 

The package includes asset freezes and related restrictions on a number of maritime-linked entities, notably the marine insurer Maritime Mutual Association Limited, which has been accused by UK authorities of supporting vessels involved in the transport of sanctioned oil. A temporary wind-down licence has been provided to allow existing policies to terminate in an orderly manner.

 

In parallel, the UK designated 48 oil tankers identified as part of the Russian “shadow fleet”, alongside a range of shipping, trading and industrial entities connected to the Russian energy and logistics sectors. The measures also target intermediaries and operators facilitating the movement and marketing of Russian oil outside the price-cap framework.

 

UK Foreign Secretary, Yvette Cooper said:

“Russia is now four years into what Putin believed would be a three-day invasion. As the Kremlin continues its barbaric assault against innocent civilians that have suffered their most brutal winter in a decade, the courage and determination of the Ukrainian people endures. 

The UK has today taken decisive action to disrupt the critical financing, military equipment and revenue streams that sustain Russia’s aggression, in our largest raft of measures since the early months of the invasion.”

Meanwhile, EU Member States have continued discussions on a proposed 20th sanctions package against Russia, but have failed to reach a unanimous decision to align with the 4th anniversary of Russia’s invasion of Ukraine.

 

Find out more about ongoing sanctions and Know-Your-Customer challenges through the Baltic Know Your Customer (KYC) Platform. Click here to access today.