On February 28, 2023, the UK government announced what it described as its 'biggest sanctions package' against Russia since the onset of the Ukraine war. This package prominently targets Transneft, the company responsible for transporting the majority of Russia's crude oil exports, as part of a broader strategy to disrupt the financial and military capabilities supporting Russia's ongoing aggression. This move comes on the fourth anniversary of the invasion and underscores London's commitment to challenging Moscow's energy revenues amid the persistent conflict.

The sanctions not only affect Transneft but extend to a total of 175 firms within the Dubai-based 2Rivers group, which the British government accuses of facilitating the trading of Russian oil through an extensive 'shadow fleet' network. These sanctions aim to curtail the resources that fuel Russia's war efforts by targeting the critical infrastructure involved in oil transportation and financing. Additionally, the British government sanctioned 48 oil tankers identified as part of this clandestine shipping operation.

Previously, Transneft had already faced U.S. sanctions since 2014, but this latest round from the UK represents a more concentrated effort by Western nations to exert economic pressure on Russia. By disrupting the channels through which Russia generates significant revenue from oil exports, the UK aims to weaken the Russian economy and limit its capabilities on the battlefield, showcasing a united front among allies to stand against Russian aggression.