The UK has announced 38 new designations on Russian oil companies, shadow fleet tankers and those supplying goods to Russia's military to support the war.

The clampdown also applies to those helping Russia evade sanctions including through financial services and crypto exchanges.

Oil companies Zarubezhneft and INK Capital have now been sanctioned. The UK was the first country in the G7 to sanction the top four Russian oil companies. UK sanctions now cover over 90 per cent of Russia's total oil production capacity.

A further 12 oil tankers, operating as part of the country's shadow fleet have been sanctioned, bringing the total to over 600.

Sanctions have been applied to three crypto exchanges and two payment platforms, including three linked to Kyrgyzstan and one linked individual. It is suspected that these entities are being used to circumvent financial sanctions.

The package of sanctions also includes Russia-based importers of machine tools, electronics and materials critical to the production of Russia’s ballistic missile and drone capabilities.