Britain has imposed sanctions on all ten of Russia's largest oil companies.
The new package of restrictions extends beyond oil, and targets vessels in Russia's "shadow fleet", the major coal companies, and the Vostok Oil Arctic project, owned by Rosneft.
The British Foreign Office said that the sanctions already implemented have robbed the Kremlin of $495 billion from the war effort.
"The peace negotiations have progressed, but now is not the time for complacency. We must continue to increase the pressure on Russia so that it agrees to a full and immediate ceasefire," said Prime Minister Burnham.