Beefy’s Breakdown

New UK Sanctions on Russia’s businesses, propping up the criminal regime in Moscow

Russia’s largest oil companies and global businesses propping up Putin’s illegal war have been hit by fresh sanctions as the UK moves to increase pressure on Kremlin revenues. Government is taking Russian oil ‘off the market’ as 90 sanctions announced.

Foreign Office and Treasury take action in tandem, with Yvette Cooper introducing sanctions in parliament and Rachel Reeves leading discussions with international partners in Washington DC.

Reuters reports that Britain targeted Russia’s two largest oil companies, Lukoil and Rosneft, and 51 shadow fleet tankers on Wednesday in what it described as a new bid to tighten energy sanctions and choke off Kremlin revenues.
Lukoil and Rosneft were designated under the Britain’s Russia sanctions laws for what London described as their role in supporting the Russian government. They are subject to an asset freeze, director disqualification, transport restrictions, and a ban on British trust services.
The two companies were considered strategically significant to the Kremlin, the government said, adding that their activities were of economic importance to Russia, contributing to state revenues that help sustain its war in Ukraine.

The 90 new sanctions strike at the heart of Putin’s war funding, directly targeting Rosneft and Lukoil - two of the world’s biggest energy companies, which together export 3.1 million barrels of oil per day. Rosneft alone is responsible for 6% of global and nearly half of all Russian oil production.

Today’s action demonstrates the government’s determination to cut off Putin’s revenue streams - targeting Russian companies and their global enablers. Four oil terminals in China, 44 tankers in the ‘shadow fleet’ transporting Russian oil, and Nayara Energy Limited - which imported 100 million barrels of Russian crude worth over $5 billion in 2024 alone – have all been hit by this latest wave of sanctions.

The new sanctions, all announced by the Foreign Secretary Yvette Cooper in Parliament today, come as Chancellor Rachel Reeves arrives in Washington DC for the International Monetary Fund Annual Meetings, where she will meet G7 Finance Ministers and attend a Ukraine roundtable to rally global partners to cut off revenues reaching the Russian regime.

Today’s measures come as new data released today reveals that UK sanctions have frozen £28.7 billion of Russian assets since February 2022. The figure, announced in the Office of Financial Sanctions Implementation’s (OFSI) Annual Review 2024-25, highlight the UK’s leading role in choking off the funding streams bankrolling Russia’s illegal invasion of Ukraine.

The Foreign Office highlighted the substantial scale of these firms, noting they collectively export 3.1 million barrels of oil daily. Other action was taken against the so-called “shadow fleet,” which allows Russia to export oil to countries still purchasing it.

Office of Financial Sanctions Implementation (OFSI)

In 2024-25, OFSI focused on enhancing compliance, capability, and enforcement to uphold the effectiveness of UK financial sanctions. The impact of this work is demonstrated by the £37 billion worth of assets reported as frozen to OFSI, a significant increase from £24.4 billion in the previous financial year.
OFSI strengthened its operational capacity and international reach in the face of continued pressure to make active use of sanctions. The Consolidated List reached 4733 designations. For Russia there were 191 additions, bringing the total to 2113. Sanctions continue to deprive Russia of resources, exerting significant economic pressure on Putin’s regime.

Effective Enforcement

OFSI’s enforcement approach is increasingly targeted, intelligence-led and proactive. Enforcement of Russia sanctions remained the priority, with monetary penalties issued to both large and small firms. As of April 2025, OFSI had 240 active cases, with a growing proportion identified through non-self-reported sources (151 in 2024-25, up from 108).

57 enforcement actions included monetary penalties, warning letters, disclosures, and referrals, with financial services and legal sectors most affected. A dedicated Compliance Enforcement team was established to better identify and enforce against breaches of licences. OFSI is not the sole body for financial sanctions enforcement, and criminal prosecutions by the NCA and police forces are a vital complement to OFSI’s work.

Enforcement actions totalled approximately £500k of penalties against small and large firms. OFSI is sending a clear message: breaches will be identified and addressed proportionately and robustly.

Consolidated List

At the end of 2024-25, there were 3750 individuals, 968 entities and 15 ships on the consolidated list, giving a total of 4733. HMT is responsible for designations falling under the Counter Terrorism (Sanctions) (EU Exit) Regulations 2019 (“CT3”), while FCDO is responsible for designations under all other sanctions regimes.

The UK’s resolve to maintain robust pressure on Russia has continued. £22.5bn worth of assets were reported as frozen to OFSI under the Russia regime, double the £10.2bn reported the previous year. OFSI’s in-year reporting figures revealed that as of May 2025, £28.7bn worth of assets linked to Russia have been frozen since February 2022, an increase on the £25.03bn reported in 2023-24.

There were 191 new Russia-related designations added in 2024-25—comprising 74 individuals and 117 entities. In addition, there were 36 amendments and 9 delistings, bringing the total Russia regime actions to 236 for the year. Russia remains the regime with the most individuals and entities, equating to 44.6%, or 2113 designations, of the total consolidated list as of 5 April 2025.

Further action was taken to address cybercrime, with 25 new designations (23 individuals and 2 entities) and 4 amendments, totaling 29 changes to the cyber regime.
Counter-terrorism efforts saw 2 new domestic designations (1 individual and 1 entity), alongside 3 amendments, resulting in 6 actions in total.

Since the previous Annual Review, the Global Human Rights regime has seen a further 7 individual designations targeting those implicated in significant human rights abuses, including involvement in crackdowns on peaceful protest, systematic torture, and suppression of fundamental freedoms in various countries.

Frozen Asset In-Year Reporting February 2022 – August 2025

As of May 2025, OFSI has been notified of £28,677,716,919.88 (£28.7 billion) in assets frozen in connection with the Russia sanctions regime since February 2022.
Unlike the Frozen Asset Review, the In-Year Reporting figure captures the last known value of assets at the time they were frozen, based on information provided at designation. Where reports do not include valuations for tangible assets, OFSI uses publicly available sources to estimate their value.

New Targets for sanctions announced 15th October, 2025:

Detailed information on the entities, individuals and ships sanctioned on 15 October 2025 under the UK’s Russia (Sanctions) (EU Exit) Regulations 2019.

Entities involved in supporting the Russian energy sector 

• PJSC ROSNEFT OIL COMPANY

• PJSC OIL COMPANY LUKOIL 

• NAYARA ENERGY LIMITED 

• ALGHAF MARINE DMCC 

• WISSOL COMMODITIES FZCO 

• SHANDONG YULONG PETROCHEMICAL COMPANY 

• SHANDONG JINGANG PORT CO., LTD  

• SHANDONG HAIXIN PORT CO., LTD

• SHANDONG BAOGANG INTERNATIONAL PORT CO., LTD 

• NATIONAL PIPELINE GROUP BEIHAI LIQUEFIED NATURAL GAS CO LTD 

Individuals and entities involved in supporting Russia’s defence sector or supplying equipment to Russia critical to their defence sector

• ABSOLUT TRADE LLC 

• MAXCOMM LLC 

• NPK PROGRESS 

• IZZITION E-TECHNOLOGY CO LTD 

• LLC HARTIS DV 

• LMM ELECTRONICS (FZE) 

• S-MIKRON ELEKTRONIK ELEKTRIK SANAYI TAAHHUT TICARET ANONIM SIRKETI

• INOI INTERNATIONAL FZ LLC 

• MAXIM NIKOLAEVICH KRASNOV 

• DMITRY ALEKSEEVICH DMITRIEV 

• ALT CAPITAL PTE LTD 

• Vladislav GROMOV 

• Narmina DADASHOVA 

• SURE TECHNOLOGY (HONGKONG) COMPANY LTD  

• HORSWAY TECH (HK) CO., LIMITED 

• MSUNTECH ELECTRONICS (GROUP) CO., LIMITED 

• SHENZHEN JLFY TECHNOLOGY CO., LTD   

• YW NL E-COMMERCE COMPANY 

• PERGAM-ENGINEERING JSC 

• Maxim Viktorovich AGEEV 

• ARS GLOBAL LLC 

• LMSISTEMS LLC 

• CHINA THAI CORPORATION GROUP CO., LTD 

• ELECTRA PRO LLC 

Entities involved in supporting the Russian financial services sector 

• JSC BBR BANK 

• JSC TRANSSTROIBANK 

• PJS SCBP PRIMSOTSBANK 

• JSC SOLID BANK 

• JSC NATIONAL CARD PAYMENT SYSTEM (NSPK) 

Ships involved in the transportation of Russian liquefied natural gas (LNG) 

• IMO 9953509 (BURAN)

• IMO 9953535 (ZARYA)

• IMO 9953511 (VOSKHOD)

• IMO 9737187 (CHRISTOPHE DE MARGERIE)

• IMO 9637492 (CLEAN OCEAN)

• IMO 9655456 (CLEAN VISION)

• IMO 9637507 (CLEAN PLANET)

Ships involved in the transportation of Russian oil  

• IMO 9185528 (GELOR)

• IMO 9347308 (AURA MARIS)

• IMO 9436020 (CENTURION I)

• IMO 9224441 (FIRN)

• IMO 9311751 (HITIT)

• IMO 9265873 (KAMELOT)

• IMO 9293997 (KHALASI)

• IMO 9315745 (MARQUISE)

• IMO 9131357 (ORION)

• IMO 9314820 (OSCAR I)

• IMO 9261401 (QUARTZ)

• IMO 9321172 (SEA OWL I)

• IMO 9389071 (TANGO 2)

• IMO 9389083 (TIGER 6)

• IMO 9311610 (TORX)

• IMO 9323340 (TRANQUIL SEA)

• IMO 9299135 (MANDALA)

• IMO 9233777 (OCEAN II)

• IMO 9236743 (PRIMORYE)

• IMO 9323364 (SINAR G)

• IMO 9435337 (AKHTY)

• IMO 9377042 (ARMADA EXPLORER)

• IMO 9266865 (BIVOLA)

• IMO 9283241 (DIGNITY)

• IMO 9255684 (FIORA)

• IMO 9313498 (JACKLYN)

• IMO 9281009 (JI HANG)

• IMO 9260275 (KATRAN)

• IMO 9385831 (LERUO)

• IMO 9384069 (LION I)

• IMO 9292838 (LISTIGA)

• IMO 9247376 (MARIEL)

• IMO 9384992 (MARS 6)

• IMO 9389095 (MINION)

• IMO 9377779 (MONARCH I)

• IMO 9113276 (MT KONSTANTINOVSK)

• IMO 9308857 (RYMO)

• IMO 9286281 (SAMADHA)

• IMO 9315654 (SEA HONOR)

• IMO 9308950 (SEASONS I)

• IMO 9285847 (SIRIUS 1)

• IMO 9389100 (SMYRTOS)

• IMO 9207027 (VERNAL)

• IMO 9236016 (VISION)

Variation of one existing designation

•  JSC SCIENTIFIC RESEARCH INSTITUTE SOLITON

References and Sources:

https://www.gov.uk/government/publications/ofsi-annual-review-2024-25-effective-sanctions/ofsi-annual-review-2024-25-effective-sanctions

https://www.gov.uk/government/publications/list-of-russia-sanctions-targets-15-october-2025/list-of-russia-sanctions-targets-15-october-2025

https://www.reuters.com/world/uk/uk-expands-russia-sanctions-with-90-new-listings-2025-10-15/