UK Imposes Largest Sanctions on Russian Oil Fleet in Years

The UK government has unveiled its most extensive sanctions package against Russia since the early days of the invasion of Ukraine, intensifying efforts to curb the energy revenues that continue to fund the Kremlin’s war.

In a statement released on the fourth anniversary of Russia’s full-scale invasion, the Foreign Office confirmed sanctions against 175 companies linked to the so-called “2Rivers” shadow oil network. The measures also target PJSC Transneft — one of the world’s largest oil pipeline operators — which transports more than 80% of Russia’s oil exports.

Foreign Secretary Yvette Cooper described the action as a significant escalation, aimed at disrupting the financial flows, supply chains and revenue streams sustaining Russia’s military campaign.

The 2Rivers network — previously operating under the name Coral — has been widely reported as a key channel through which Russian crude continued to reach global markets despite international restrictions. Linked to Azeri traders Etibar Eyyub and Tahir Garayev, the network rapidly expanded prior to the tightening of EU and UK sanctions in 2024, which significantly curtailed its operations. Legal representatives for Garayev have previously denied any ties to Rosneft or ongoing petroleum trading activity.

The impact of sanctions is becoming increasingly visible. Market participants report rising trading costs, reduced access to Western banks and insurers, and growing reluctance among professional service providers to engage with sanctioned networks. As a result, affected operators are facing:

• Higher insurance premiums
• Longer and less transparent shipping routes
• Increased brokerage and port fees
• Discounted per-barrel pricing due to limited buyer access

According to the Foreign Office, international sanctions have already deprived Russia of an estimated $450 billion in revenue — equivalent to two additional years of war funding.

What this means for businesses…

For companies operating in energy, shipping, finance and professional services, the message is clear: sanctions enforcement is tightening, scrutiny is increasing, and compliance expectations continue to rise. Robust due diligence, enhanced supply chain transparency and proactive risk management are no longer optional — they are essential.

At GLEG, we support organisations navigating complex regulatory landscapes and evolving geopolitical risks. Contact us today at hello@gleg.co.uk to see how we can support your business!