UK and Australia impose sweeping sanctions on Russia on invasion anniversary
Feb 24th 2026
On the fourth anniversary of Russia’s full-scale invasion, London and Canberra announced nearly 480 new sanctions targeting oil, finance, defence, shipping and crypto and Australia lowered its Russian oil price cap.
- The UK added nearly 300 new designations including PJSC Transneft and 175 companies in the 2Rivers shadow oil network.
- London also sanctioned 48 oil tankers, 49 suppliers of drone and weapons components, three civil nuclear firms, six LNG targets, and nine banks.
- The British government said international sanctions have deprived Putin of over $450 billion and that Russian oil revenues are at their lowest since 2020.
- Foreign Secretary Yvette Cooper announced £30 million for Ukrainian energy resilience and said total UK support now stands at £21.8 billion, with over £25 million for repairs and £5 million for justice and accountability.
- Australia imposed 180 sanctions across finance, defence, oil and gas, transport, and science and technology in its largest package since February 2022.
- For the first time Australia targeted cryptocurrency entities tied to sanctions circumvention and cut its Russian oil price cap from $47.60 to $44.10 per barrel.
- Since the invasion Australia has committed over $1.7 billion in assistance and imposed more than 1,800 sanctions, while the UK has sanctioned over 3,000 individuals, businesses and ships.