Blitz Bureau
NEW DELHI: Britain has 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, reported Reuters.
The Government said Transneft was one of the world’s largest pipeline firms and the transporter of more than 80 per cent of Russia’s crude exports. It was targeted to further cut Moscow’s energy revenues. “The UK has 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. The package also included 48 oil tankers identified as part of efforts to curb Russia’s so-called “shadow fleet.”
Britain 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.
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 February 24 sanctions package, Britain targeted what it described as Russia’s dark-web oil networks, sanctioning 175 companies in the Dubaibased 2Rivers group, saying it was one of the world’s largest shadow-fleet operators and a major trader of Russian crude.
