The UK government has announced a landmark sanctions package against Russia, aimed at cutting off critical oil revenues and further degrading the Kremlin's ability to wage its war on Ukraine.

The package was announced on the fourth anniversary of Russia's full-scale invasion of Ukraine.

With nearly 300 new sanctions, UK cracks down on critical Russian energy revenues, including oil exports and key suppliers of military equipment fueling war efforts.

Tuesday's action targets one of the world's largest oil pipeline companies, PJSC Transneft, responsible for transporting more than 80 percent of Russian oil exports, further hampering the Kremlin's desperate efforts to find buyers for its sanctioned oil.

Russian Oil revenues are now at their lowest since 2020 as the West continue to ratchet up pressure on the Putin regime's failing war machine.

International sanctions have deprived Russia so far of more than $450 billion - the equivalent of two more years of funding for the war, according to UK's Foreign, Commonwealth & Development Office. Since this time last year, Russia's economy has stagnated, and their revenue streams have been in free fall, with oil revenues at their lowest since 2020. Scrambling to make up for lost revenues, the Kremlin has been forced to hike taxes, including VAT and corporate tax.

The new punitive measures also hit Russia's dark web of illicit oil traders, sanctioning 175 companies in the '2Rivers' oil network, one of the largest shadow fleet operators globally and a major trader of Russian crude oil. The latest swathe of sanctions also includes 48 oil tankers transporting Russian oil.

The sanctions also clamp down on 49 entities and individuals, including international suppliers that are providing the vital goods, components and technology in Russian drones and other weapons terrorizing Ukrainian civilians.

The sanctions also target three civil nuclear energy companies and two individuals involved in trying to secure contracts for new Russian nuclear installations overseas; Russia's beleaguered Liquefied Natural Gas industry, including ships, traders and the Portovaya and Vysotsk terminals that export Russian LNG; and 9 Russian banks which process cross-border payments vital to Russia's attempts to access international markets.

Meanwhile, UK Foreign Secretary Yvette Cooper, visiting Kyiv Tuesday, has announced a new package of military, humanitarian and reconstruction support for Ukraine.

"Today I'm in Kyiv announcing £30 million in funding to strengthen Ukrainian energy resilience and support recovery, taking the total UK support to £21.8 billion since the start of the war."

She added, "Russia is now four years into what Putin believed would be a three-day invasion. As the Kremlin continues its barbaric assault against innocent civilians that have suffered their most brutal winter in a decade, the courage and determination of the Ukrainian people endures. The UK has today taken decisive action to disrupt the critical financing, military equipment and revenue streams that sustain Russia's aggression, in our largest raft of measures since the early months of the invasion.

She pledged that the UK will continue to stand with the people of Ukraine and defend European security.