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The European Union, US, UK, among other countries have imposed several economic and political sanctions against Russia for invading Ukraine, a sovereign nation for wanting to be a part of NATO.
Russia has come under scrutiny from many countries after Vladimir Putin launched “special military operations” in Ukraine in February 2022. The move has invited condemnation and sanctions from several countries to cripple the country’s economy and weaken its aggression.
The European Union, US, UK, among other countries have imposed several economic and political sanctions against Russia after Putin recognised Donetsk and Luhansk – the two rebel regions in Ukraine – as independent countries.
Western nations have frozen the assets of Russia’s central bank, limiting its ability to access $630 billion in international dollar reserves.
The countries have also agreed to remove selected Russian banks from the SWIFT messaging system, which enables the smooth transfer of money across borders.
Following the ban from SWIFT, Russia’s ruble collapsed to an all-time low against the US dollar and the country’s central bank had to come to its rescue.
What is a Sanction?
A sanction is an economic or financial penalty imposed by a country or a group of countries on another. Sanctions are often designed to hurt a country’s economy or the finances of individual citizens such as leading politicians.
They are among the toughest measures nations can use, short of going to war.
Russia-Ukraine War: List of Sanctions Imposed on Russia
Below is a list of countries that have imposed sanctions on Russia as well as the type of sanctions they imposed on Russia for invading Ukraine in February 2022.
|1||United States of America||1. Prohibiting any new investment in the breakaway regions recognized by Russia. 2. Importation and/or exportation, re-exportation, sale or supply of goods, services or technology from the regions directly or indirectly is also forbidden. 3. Imposed sanctions on Russian financial institutions such as Otkritie, Novikom, Sovocom. They have combined assets worth $80 billion. 4. Banned Russian planes from entering its airspace. 5. Banned 13 Russian state-owned companies from raising money in the US, including energy giant Gazprom and its two largest banks The Sberbank and VTB Bank. 6. The US has also sanctioned Putin, foreign affairs minister Lavrov, and a few billionaires close to the Russian President.|
|2||United Kingdom||1. Announced sanctions on five Russian banks – Bank Rossiya, Black Sea Bank, Genbank, IS Bank, and Promsvyazbank. 2. Banned and froze assets of three high net-worth individuals and allies of Russian premier Vladimir Putin – Gennady Timchenko and billionaires Igor and Boris Rotenberg. 3.|
|3||Canada||1. Banned Canadians from all financial dealings with Luhansk and Donetsk, also known as the Donbass region. 2. Canada will also bar its citizens from engaging in purchases of Russian sovereign debt and the government will also sanction those Russian parliamentarians who voted in favour of recognising Donetsk and Luhansk as independent.
3. Canada will apply additional sanctions on two Russian banks and prevent any financial dealings with them, Trudeau said.
|4||Czech Republic||1. Banned Russian airlines from flying to the central European country and is considering further steps against Russia.|
|5||Germany||1. German Chancellor Olaf Scholz suspended the certification process for the Nord Stream 2 natural gas pipeline which directly links Russian gas to Europe via Germany.|
|6||Australia||1. Australian Prime Minister Scott Morrison said Australia will begin placing sanctions on Russian individuals it believes are responsible for Russia’s actions against Ukraine.|
|7||Japan||1. Prime Minister Fumio Kishida announced his government is imposing sanctions on Russia over its actions in Ukraine. These sanctions include prohibiting issuance of Russian bonds in Japan and freezing the assets of certain Russian individuals.|
|8||Taiwan||1. Taiwan has announced it will join global sanctions against Russia.
Taiwan is a major semiconductor hub and it stops exporting semiconductors, this could choke Russian industry.
|9||New Zealand||1. New Zealand imposed targeted travel bans on Russia and prohibited trade to its military and security forces.|
|10||South Korea||1. Tightened export controls against Russia, by banning exports of strategic items, and joined Western countries’ moves to block some Russian banks from the SWIFT international payments system. 2. The Korean government also decided to promote the additional release of strategic oil reserves for stabilisation of the international energy market and to further review other measures such as the resale of LNG to Europe.|
|11||European Union||1. Put Russian politicians and officials on blacklists, ban trading in Russian state bonds, and target imports and exports with separatist entities. 2. Banned Russian planes from all EU airspace and airports. 3. Stopped shares of Russian companies being listed on EU stock exchanges. 4. Banned exports of dual-use goods including computers, telecoms and semiconductors, as well as aircraft and aviation parts. 5. A total of 680 individuals and 53 entities were sanctioned for undermining Ukraine’s sovereignty.|