Western nations have imposed severe sanctions on Russia following its invasion of Ukraine. The measures are designed to cripple Russia’s economy and punish its government for taking military action.
Russia Sanctions: What Sanctions Are Being Imposed On Russia?
Both the UK and the EU have announced plans to sanction Russian President Vladimir Putin and foreign minister Sergei Lavrov.
The UK also announced:
- all major Russian banks to have their assets frozen and be excluded from the UK financial system
- laws to stop major Russian companies and the state from raising finance or borrowing money on UK markets
- asset freezes on new individuals or entities
- Russia’s Aeroflot airline will be banned from the UK
- export licenses suspended for dual-use items which can be used for military purposes
- a stop to exports of high-tech items and oil refinery equipment
- a limit on deposits Russians can make to UK bank accounts
EU nations sanctions also include:
- targeting 70% of the Russian banking market and key state-owned firms, including defense firms
- targeting the energy sector with an export ban on materials Russia uses for oil refineries
- banning the sale of aircraft and equipment to Russian airlines
- limiting Russia’s access to high-tech, such as semiconductors and software
US President Joe Biden announced:
- four major Russian banks will have their assets frozen and be cut off from US dollar transactions
- sanctions on wealthy Russian individuals with close links to the Kremlin
- the US and allies will cut off more than half of Russia’s high-tech imports to stop it from developing its military capabilities
Germany has put on hold permission for the Nord Stream 2 gas pipeline from Russia to Germany to open.
Australia has imposed sanctions on wealthy Russians and over 300 members of the Russian parliament who voted to authorize sending Russian troops into Ukraine.
Japan is sanctioning Russian financial institutions and individuals and halting exports of goods such as semiconductors.
The UK, US and Australia are also extending financial sanctions on Belarus for its role in the assault on Ukraine.