The UK has blacklisted Dubai-based tanker specialist Fractal Marine in a new round of sanctions targeting Russian war revenues.

Fractal was the only European start-up to join the lucrative market for hauling price-capped Russian oil and insisted that it operated within the sanctions regime.

But the British government included Fractal as one of more than 50 individuals and companies targeted in a round of measures on Thursday to mark the second anniversary of the invasion of Ukraine.