The UK government announced a new package of sanctions on Thursday (6 August) aimed at disrupting Russia's financial sector and oil exports, expanding pressure on Moscow more than four years after its full-scale invasion of Ukraine.
The latest measures target Ozon Bank, dozens of companies linked to Russia's military-industrial base and a number of vessels identified as part of the country's shadow fleet, which transports Russian oil in an effort to bypass Western restrictions, according to the UK government.
Officials said the sanctions are designed to reduce the Kremlin's ability to generate revenue for its war effort by limiting access to international financial services and restricting the movement of oil exports.
The Moscow Times reported that Ozon Bank, which is affiliated with one of Russia's largest e-commerce platforms, was among the highest-profile financial institutions added to the sanctions list. The publication said the measures also targeted additional entities linked to Russia's defence sector and sanctions evasion networks.
The sanctions also include further action against ships believed to be operating in Russia's shadow fleet, which Western governments say has enabled Moscow to continue exporting oil despite international restrictions.
The latest package forms part of the UK's continuing sanctions campaign against Russia alongside its international partners. Since the invasion of Ukraine in 2022, London has repeatedly expanded restrictions on Russian individuals, companies, financial institutions and shipping linked to the country's energy exports.
The UK government said it would continue to strengthen sanctions as Russia seeks new ways to circumvent existing restrictions.
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