Sanctions on Russia Following the Russo-Ukrainian War

Blog / Sanctions on Russia Following the Russo-Ukrainian War

Last Update: 07.04.2022

Russia and Ukraine Crisis

The crisis of Russia-Ukraine dates back to ancient times. The tension between the two countries increased even more with the annexation of Crimea by Russia in 2014.

The crisis came to light in November 2021 when the United States stated that Russia would attack Ukraine, showing the Russian army's location using satellite images.

The Armed Forces of Ukraine stated they expect no military action from Russia at the beginning of February. However, the EU and NATO members asked its diplomats to leave the country a few days later when Russia massed troops on the Ukrainian border and started military exercises.

The Western World announced its sanctions on Russia to prevent Russia's ongoing aggression toward Ukraine and later added a few more to the list.

What is a Sanction?

Sanctions are penalties that ban global organizations, governments, or people that violate international laws or exhibit aggressive behaviors from participating in international trade/organizations.

It is among the most potent measures that can be taken. Sanctions are often economic-centric and political. There are four types of sanctions: economic, diplomatic, military, and individual. The governments that sanctioned Russia aim to cause economic damage to Russia by imposing finance-related sanctions on individuals and institutions. 

The sanctions are imposed to make Russia leave its aggressive attitude by damaging Russia's global trade.

Countries Imposing Sanctions on Russia

  • The USA
  • Canada
  • Japan
  • The UK
  • U
  • Australia
  • Singapore
  • Taiwan
  • New Zealand
  • South Korea
  • Switzerland
  • Netherlands

Sanctions on Russia

The USA announced that Russia's VEB and Military banks were added to the sanctions lists after Russia recognized the separatist regions in Ukraine. Russia stated the action was expected. However, The US Senate announced a much more comprehensive list of sanctions. The sanctions against Russia are unmatched, making the country the most sanctioned country with more than 5500 sanctions. 

The table below shows countries and how many sanctions they have imposed;

sanction on russia

Some of the important sanctions on influential people and institutions can be found through the reading.

Use Sanction Scanner's up-to-date, reliable data to find detailed information about sanctioned people, institutions, and other inquiries. Learn More.

United State (US)

High-capital financial institutions to the SDN list by OFAC with the US's February 22 sanction decision. It has been decided to impose sanctions on Russian state banks, technology companies, publicly traded companies, and some commercial vessels affiliated with the companies subject to sanctions and their subsidiaries. As part of the sanction decision, the assets of all companies included in the SDN list are frozen, and efforts are made to prevent them from making financial transactions. With the sanctions imposed on technology companies, it is aimed to restrict imports. Thus, Russia's largest banks were prevented from making transactions in the United States financial system in this context.

OFAC published Directive 1 on the blocking of property in 2021, renewing this directive in the axis of the Russia-Ukraine War and re-implementing Directive 1a with the title of the prohibition on some public debts of the Russian Federation. It expanded its sanctions by issuing Directive 2 and Directive 3 after February 24, 2022. As of March 1, US financial institutions are prohibited from operating in the secondary markets regarding denominated bonds other than rubles and doubles within the scope of these directives.

VEB and PSN Banks, two important banks for the Russian Defense Industry, were banned from doing business with the USA. All assets of people who own the banks are frozen. The USA stated that the sanctions would cut Moscow off from the Western market. The States also sanctioned Russia's biggest bank, VTB, which made VTB the biggest financial organization OFAC sanctioned. 

Denis Aleksandrovich Bortnikov, Director of the Federal Security Service and permanent member of the Security Council, and his son Aleksandr Vasilievich Bortnikov, PSB Chief Executive Petr Mikhailovich Fradkov, and Presidential Deputy Chief of Staff Sergei Vladilenovich Kiriyenko and his son Sergei Vladilenovich Kiriyenko. Nikolai Platonovich Patrushev - Secretary of the Security Council of the Russian Federation, Igor Ivanovich Sechin - CEO and Chairman of the Board of Rosneft, one of the largest publicly traded oil companies in the world, and former Deputy Prime Minister of Russia. Important names such as Putin's press secretary Dmitry Peskov, Russian mining company Metalloinvest founder Alisher Usmanov, Transneft CEO Nikolay Tokarev, and his family, Boris and Arkady Rotenberg brothers and their families, Sergei Borisovich Ivanov and his son have been added to the list.

February 24 - Russia's two largest banks, Sberbank and VTB, will not be able to process payments through the US financial system

Otkritie, Novikom, and Sovcom, the Russian establishment holding $80 billion in assets, were blocked.

As of February 25, a sanction decision should be taken against 13 big companies. On February 25 USA Russian President Putin, Foreign Minister Lavrov, and Kirill Dmitriev were also added to the sanctions list. The SDN list is expanding day by day in accordance with the directives. Individuals and many institutions and organizations, aircraft, and ships are included in the list.

February 28- Russian Wealth Fund and the Ministry of Finance were included in the scope of sanctions.

March 2 - America completely closed its airspace to Russia.

March 9 -America announces comprehensive energy sanctions against Russia.
Washington announced that it was in talks with Europe and put the Russian oil ban on its agenda. Countries such as Germany, England, Canada, and the Netherlands rejected this idea of sanctions by the United States, declaring that it would be risky and not easy to stop buying oil from Russia overnight. The USA announced that it would ban oil and natural gas imports from Russia by taking all the risks. President Biden will sign the executive order banning imports today. (09.03.2022)

March 11, they announced that they would prevent Russia from borrowing from the IMF and the central bank. In addition, the USA has stopped purchasing alcohol, diamonds, and seafood from Russia.

March 17, the American administration imposed financial embargoes on the separatist leaders in Crimea and seven senior Russian government officials and deputies. Among those involved in these sanctions are Crimean leader Sergey Aksyonov, Russian Deputy Prime Minister Dmitry Rogozin, and Speaker of the upper house of the Russian Parliament, Valentina Matviyenko.

March 24- The United States imposed sanctions on more than 400 individuals and companies in coordination with today's allies. Thıs List includes Sberbank CEO, Russian elites such as Herman Gref, Gennady Timchenko, 328 Duma members, and 46 Russian state defense companies. The number of these sanctions will increase as the war continues.

- The United States has stated that it will support Russia's removal from the G20 group. It proposed inviting Ukraine to observe the October summit if Russia would not be expelled, subject to the member states' decision.

April 6- America announced new sanctions against Russia's continued aggressive behavior. The new sanctions list includes Russian elites and their families, as well as Putin's two adult daughters, the wife and daughter of Russian Foreign Minister Sergey Lavrov, former Russian President Dmitri Medvedev, and Prime Minister Mikhail Mishustin. At the same time, the full blockade was imposed on Russia's two largest banks, Sberbank and Alfa Bank. The assets of important enterprises affiliated with the Russian state were frozen, and it was decided to cut off their commercial relations with the USA.

April 7- OFAC has sanctioned darknet market Hydra and Russia-linked crypto assets exchange Garantex. OFAC adds more than 100 Hydra and Garantex crypto pages to its SDN list

Biden announced that they would prevent Russia from trading in dollars, euros, pounds, and yen.

FinCEN has issued warnings with red flags to financial institutions to determine how to protect themselves from sanctions. It was underlined once again that they should report Suspicious Activity reports quickly. In addition, OFAC warned financial institutions and crypto companies to avoid penalties due to Russian sanctions.

Warns Against Potential Russian Sanctions Evasion Attempts

In addition to these sanctions, the United States announced that it would continue to provide arms support to Ukraine and send troops to the Baltic states. As long as Russia's aggressive attitude continues, these sanctions are expected to increase.

The Importance of US Sanctions in The Russia-Ukraine Crisis

United Kingdom  (UK)

British Prime Minister Johnson also announced that he placed five banks on the sanctions list, namely Rossiayaz Bank, Isbank, General Bank, Promsvyazbank, and Black Sea Bank, within the scope of the first sanctions against Russia. It was announced that it would impose sanctions on three wealthy names from the Russian elite. These individuals were recorded as Gennady Timchenko, Igor Rotenberg and Boris Rotenberg.

  • On February 24-Britain announced that it would impose sanctions on more than 100 individuals, organizations, and subsidiaries, including Russia's largest defense company Rostec.
  • It was decided to immediately ban the export of all their goods that could be used in military equipment. There is also a ban on exports of technology and goods for mining industries such as oil refinery equipment.
  • February 25-It was decided to limit the number of deposits that Russian citizens can keep in their bank accounts.
  • February 26-- Britain announces that all sanctions apply within Belarus
  • February 28- Britain joins EU sanctions against the Russian central bank.
  • Britain announces the establishment of the oligarch task force.
  • March 1 - In a written statement made by the British Ministry of Foreign Affairs, it was announced that the Belarusian Chief of Staff Viktor Gulevic, three deputy defense ministers Andrei Burdyko, Sergei Simonenko, and Andrey Zhuk, and two military enterprises would be sanctioned.
  • March 8- Britain has announced that it will gradually pass sanctions on the United States to stop oil and natural gas imports by the end of 2022.
  • March 9-  it was decided to ban the export of goods in aviation, space, and technology.
  • March 11-Britain announces that Russian businessman, Chelsea owner Abramovich, has frozen assets, is banned from dealings with individuals and businesses in the UK, and imposed travel and transport sanctions.
  • March 15- 51 oligarchs and their families with an estimated total asset value of more than £100 billion, a total of 370  individuals and organizations added from Russian and Belarus to the sanction list. Important names among the 370 people are Defense Minister Sergei Shoigu, former president Dmitry Medvedev and Mikhail Fridman, the founder of Alfa Bank, Russia's largest bank not controlled by the state.
  • Banned from shipping all luxury goods, including vehicles, high-end fashion, and art
  • March 24- Britain announced 65 new sanctions. This sanction covers the Wagner group, strategic sectors, banks, and elite names of the business world. Six banks, including Alfa Bank, whose founding partners are Russian oligarch Petr Aven, and German Khan, were included in the sanction.
  • Along with Alfa Bank, Gazprombank's assets were frozen. At the same time, the largest diamond producer, Alrosa, took its place on the sanctions list.
  • Among those sanctioned are Tinkoff bank founder Oleg Tinkov, Eugene Shvidler, Sberbank CEO Herman Gref, and Foreign Minister Lavrov's stepdaughter Polina Kovaleva, Melitopol mayor Galina Danilchenko.
  • April 6- Britain decided to freeze all assets of Sberbank, one of the largest banks in Russia. It also approved the ban on all new foreign investments by British firms in Russia.

According to the statements of Boris Johnson, these sanctions are the first and smallest sanctions that can be applied in the process and are expected to continue.

European Union (EU)

EU sanctions were announced by the EU High Representative for Foreign Affairs and Security Policy Josep Borrell. It has been announced that it is aimed to impose sanctions on banks and institutions, as well as 351 members of the State Duma, the lower house of the Russian parliament, who support Russia's decree, and 27 people who support the occupation in Donbas. (February 24) In addition, the EU has announced that it is considering restricting the access of these individuals and organizations to European capital markets and banning their trade between Donetsk and Luhansk.

  • February 25-The European Union announced the assets of Vladimir Putin and Sergey Lavrov will be frozen on the second day of the Russo-Ukraine war. More names are expected to appear on the list upcoming days.

  • February 27-Airspace was closed to Russian planes and oligarchs' private jets, and Russian ships were banned from entering ports.
  • On February 27-It has been announced that Russian Media, Russia Today and Sputnik will be banned.
  • February 28-The EU has banned the sale and logistics of goods and technology necessary for Russia's crude oil processing.
  • February 28-The sale of goods, technology, and services related to the aerospace industry is prohibited.
  • February 28-To stop financial inflows into the EU, Russians will be prevented from investing in EU securities.
  • March 2- Exports of many products, from mineral fuels to iron and steel, were banned from Belarus.
  • March 4-Europe is waiting for approval from member states for the package that includes new sanctions. There are sanctions targeting Russia's maritime and land trade. The supply of equipment in the marine sector will be prohibited, and the entry of Russian ships into all European ports will be banned. It will be removed from SWIFT in 3 banks in Belarus. A guide will be prepared to prevent using cryptocurrencies against sanctions against Russia. The supply of equipment in the maritime sector will be prohibited, and the entry of Russian ships into all European ports will be prohibited. 
  • March 8-The EU has approved an additional package against Russia's ongoing attack on Ukraine. The EU has three packages of sanctions against Russia. The EU imposes sanctions against Russia in various areas such as finance, energy, transport, export control and financing, and visa policy.
  • March 17 - The European Union announced that it would impose sanctions on 21 officials from Russia and Ukraine who supported the Crimean referendum. The assets of these people will be frozen, and travel restrictions will be applied.
  • April 8- The European Union approved the 5th package of sanctions against Russia based on the destructiveness of the ongoing war. The package contains prohibitions in many areas such as import, export, land, and sea routes.

    • High profile individuals and entities have been blacklisted:


      • Sergei Shoigu, the Russian Defence Minister;
      • Anton Vaino, Chief of Staff of the Russian Presidential Executive Office;
      • Marat Khusnullin, Russian Deputy Prime Minister for Construction and Regional Development;
      • Dmitriy Yuryevich Grigorenko, Russian Deputy Prime Minister, Chief of the Government Staff of Russia, and Chairman of the Council of the VTB Bank;
      • Maxim Gennadyevich Reshetnikov, Russian Minister of Economic Development and Member of the Supervisory Council of the VTB Bank;
      • Nikolay Anatolyevich Yevmenov, Commander in chief of the Russian Navy;
      • Vladimir Lvovich Kasatonov, Deputy Commander-in-Chief of the Russian Navy;
      • Igor Vladimirovich Osipov, Commander in Chief of the Black Sea Fleet;
      • Oleg Leonydovych Salyukov, Commander-in-Chief of the Russian Ground Forces;
      • Sergei Surovikin, Commander-in-Chief of the Russian Aerospace Forces;
      • Sergey Vladimirovich Dronov, Commander of the Russian Air Force and Deputy Commander-in-Chief of the Russian Air and Space Forces
      • Violetta Prigozhina, owner of, inter alia, Concord Management and Consulting LLC;
      • Lyubov Valentinovna Prigozhina, owner of Agat LLC;
      • Denis Aleksandrovich Bortnikov, Deputy President and Chairman of VTB Bank Management Board;
      • Andrei Leonidovich Kostin, President of the VTB Bank Management Board and member of the Supreme Council of the "United Russia" political party;
      • Igor Ivanovich Shuvalov, Chairman of State Development Corporation VEB.RF, and a member of the Council of the Eurasian Economic Commission;
      • Margarita Simonyan, Editor-in-chief of Russia Today (RT);
      • Maria Zakharova, Director of the Information and Press Department of the Russian Ministry of Foreign Affairs;
      • Vladimir Roudolfovitch Soloviev, Presenter of the Russia-1 channel and Rossia 24;
      • Konstantin Knyrik runs MediaGroup News Front Ltd and is chief of the Crimean division of the Rodina Party;
      • Aleksey Konstantinovich Pushkov, Senator from Perm Krai, member of the ruling United Russia political party, and Chairman of the Commission on Information Policy; and
      • Pyotr Tolstoy, Deputy Chairman of the Russian State Duma, head of the Russian delegation at the Parliamentary Assembly of the Council of Europe (PACE), and TV Host of "Vremya Pokazhet."

    • UN sanctions will impose a travel ban on the entry of persons and organizations to Europe and will freeze all their assets in Europe. The EU is expected to take further sanctions decisions in the near future. Certain exceptions apply to UN sanctions for contracts, checks, and agreements before February 23.
    • Italy seized the yacht of Russian businessman Aleksey Mordashov.
    • As a first step, Germany froze the approval process of the Nord Stream 2 gas line with Russia.

    What Does the EU's 'Sanctions on Russia' Package Cover?

    Sanction Screening & Monitoring

    Comply with Russian Sanctions with Sanction Scanner Reliable AML Data


    Data Points Checked


    Countries Covered

    15 Min

    Always Real-Time Data


    • March 24- Prime Minister Justin Trudeau stopped existing financial deals with Donetsk and Luhansk.
    • Canada imposed sanctions on members of the Russian parliament who supported Russia's decision to recognize the separatist regions and prohibited Canadians from purchasing Russian government bonds, just like the EU. 
    • Canada put 58 Russian individuals and organizations on the sanction lists.
    • March 3 - Canada became the first country to revoke preferential trading partners status with Russia and Belarus. It also imposed heavy exports on the countries.
    • March 7 - Canada sanctioned ten people from Putin's close circle.
    • March 15 - Canada imposed sanctions on 15 more officials ahead of the Ukrainian President's speech to the Canadian parliament. The main targets were the Russian military defense officials and Victor Pinchuk. 
    • March 16- Canada extends Belarusian sanctions by designating 22 more people from Belarus.


    Japan banned the trading of Russian bonds and banned some influential Russians from entering the country. The country has further announced that it will support measures on SWIFT against Russia and will freeze the assets of Putin and some other Russian officials.

    March 8-The Japanese government imposed sanctions on 20 individuals and two organizations related to the Russian Federation, and 12 more individuals and ten organizations related to the Republic of Belarus. 

    March 11, 2022, the Japanese government imposed sanctions on three banks from the Republic of Belarus: Belagroprombank, Bank Debrabyt, and Development Bank.


    The Australian government announced travel bans and financial sanctions on the eight members of the Russian council restricted transactions with Rossiya Bank, Promsvyazbank, Isbank, Genbank, and Black Sea Development and Reconstruction Bank. The country also imposed investment restrictions on VEG. In addition, it expanded its existing sanctions against Crimea, Sevastopol, Donetsk, and Luhansk, banning the trade of transport equipment, energy, telecommunications, oil, gas, and mining sectors. 

    Singapore and Taiwan

    Taiwan and Singapore also announced they'd participate in sanctions on Russia, thus making Singapore the first ASEAN country to impose sanctions on Russia following the Russo-Ukraine war. Taiwan and Singapore have severely limited technology exports to Russia.

    New Zealand

    New Zealand has banned individuals linked to Russia's military action in Ukraine from entering the country and banned the export of goods to the Russian military and security forces.

    South Korea

    South Korea became one of the two countries to join the SWIFT ban after the western countries. South Korea has restricted the exports of strategic goods to Russia. The government has announced that it would seek ways to free up strategic oil reserves for the resale of LNP to Europe to support the international energy market.


    Turkey banned Russian warships from entering the Black Sea under the Montreux Straits Treaty calling the Russian military action in Ukraine a war.


    Switzerland, a Non-EU country known for its neutral position, was another country that participated in the sanctions against Russia.

    • The Swiss government has announced that it will impose the EU's sanctions against Russian lawmakers and other government officials, including Putin and Sergei Lavrov.
    • They later announced that Switzerland closed its airspace to Russia


    The Netherlands started to impose sanctions on Russian institutions and organizations in a wide area covering energy, finance, culture, and trade.

    • Universities, research institutions, and strategic centers in the country and institutions in Belarus announced that they would end their cooperation.
    • Shell, headquartered in the Netherlands and moved to the UK in 2022, announced that it would leave its joint ventures with Russian energy companies, especially Gazprom.
    • The cooperation between the Amsterdam Hermitage Museum and the Russian State Hermitage Museum, which has been in cooperation for more than 30 years, has been terminated.


      The beginning of the war shows that especially financial investments applied to individuals and institutions in Russia will increase.

      After the persecution of the people in Ukraine, China said that it is ready for all diplomatic talks to ensure peace between the two countries.

      Other International Sanctions


      The US, the UK, The EU, Canada, Japan, and South Korea will remove Russian Banks from the international payment system SWIFT to harm their operations on a global scale.

      Although the banks are not yet known, it is expected that there will be a few of the banks that hold a significant share of the sanctioned Russian financial system.

      For more up-to-date and detailed information about Swift, please click.


      On March 4, the FATF announced that it reviewed Russia's role in the organization of Russia's Ukraine movement. Russia could be expelled from the organization for acting against the basic principles of the FATF. At the same time, the FATF warned banks against cyber threats.

      Responses of Global Brands to Russia's attack on Ukraine 

      According to the researchers of Yale University, more than 330 companies stopped or limited their operations in Russia. Here are some of the global giants and their responses to Russia's attack on Ukraine.

      Some important companies from Russia that have stopped their activities:

      • FIFA has announced that the Russian team will complete its upcoming games as The Football Union of Russia but can't use the Russian flag or anthem. No international matches will occur in Russia, and Russian fans won't participate in any matches.
      • Meta, which owns Facebook and Instagram, and Twitter has restricted access to Russian media outlets RB and Sputnik across the EU.
      • Microsoft, Netflix, Disney, and Warner Bros have announced stopping broadcasting and releasing their new movies in Russia.
      • Apple and Nike have announced they will stop selling their products to Russia. These two companies shared warning articles on their sites telling Russian customers that any delivery would no longer occur.
      • PAYPAL, EBAY, and Moody's suspend all operations in Russia
      • BP announced they'll stop operating in Russia and will withdraw their stocks from the Russian company Rosneft.
      • Shell, ExxonMobil, and Equinor announced they'll stop investing in Russia. Shell later announced they'll renounce from 3 billion USD following cutting ties with Gazprom.
      • Total Energies announced they won't sell their investments in Russia but will stop investing further in the country.
      • Goldman Sachs and Western Union stopped operating in Russia.
      • Fast Retailing, which owns Uniqlo, announced they'll stop operating temporarily in Russia and Belarus because of operational difficulties. 
      • The world's largest insurance broker on The New York Stock Exchange, Marsh McLennan, announced they would leave the Russian market.
      • Japanese company Hitachi announced that they'd stop exporting to Russia and cut its operations in the country, except for essential energy facilities, following similar moves made by American companies such as Caterpillar.
      • Entertainment giant Sony stopped releasing movies in Russia and postponed the racing game "Gran Turismo 7".
      • Giants such as Daimler (Mercedes Benz), Jaguar Land Rover, H&M, Airbnb, and Burberry stopped operating in Russia temporarily.
      • JCB, a British manufacturer of equipment for construction, agriculture, waste handling, and demolition, stopped operating in Russia.
      • MSC and Maersk temporarily stopped operating deliveries to/from Russia, except deliveries provide humanitarian aid and food.
      • A senior manager of McKinsey tweeted that the company won't work with any Russian government-owned organization.
      • Nestle, Mondelez, Procter & Gamble, and Unilever stopped investing in Russia but announced they'll keep providing basic needs. 
      • Several US food retailers, including Starbucks, PepsiCo, and Coca-Cola Co, have announced that they will cease some or all of their operations in Russia following the Russian invasion.
      • McDonald's announced it's 847 stores will stop operating temporarily.
      • Burger King announced they'll stop investing in Russia and won't support the 800+ franchise stores in the country. 
      • Mastercard Inc., Visa Inc., and American Express blocked Russia from payment methods to comply with international sanctions.
      • HAAS F1 Team, an American team, terminated its contract with Russian pilot Nikita Mazepin and the sponsorship agreement with the Russian company Uralkali.
      • Deutsche Bank announces it will cease operations in Russia.
      • Estee Lauder has suspended its activities in Russia.
      • IKEA temporarily closes all its stores in Russia
      • Spotify has closed its office in Russia indefinitely.
      • Canada Goose suspended all sales to Russia.
      • Expedia stopped selling travel packages to/from Russia.
      • Adidas, Harley-Davidson, Louis Vuitton, Kerring, Channel, Inditex, Puma, and Prada ceased operations in Russia.
      • KFC and Papa John's ceased operations in Russia.
      • PwC Russia will now operate as an independent company under a different name with no formal affiliation with PwC.
      • KPMG stopped operations in Russia.
      • IBM, Bumble, and Amazon ceased operations in Russia.

      Avoid the Global Impact of Sanctions

      The sanctions on Russia affect the global status quo and the economies that already got a hit during the pandemic. Moreover, the sanctions imposed on Russia will affect the economic stability of all countries since Russia is a trading partner in the global free market. Cutting Russia off from the international financial stage will have its effects. The organizations that cooperate with Russian companies, institutions, subsidiaries, or oligarchs are deeply concerned. Sanction Scanner has been following the sanctions studiously from the very first day. The data analysts of Sanction Scanner work hard to deliver constantly changing and evolving sanctions to institutions and organizations with 100% accuracy to keep them safe. As a result, the clients of Sanction Scanner can take quick measures against sanctions and perform their controls to protect themselves from penalties.

      Who Should Comply with The Sanctions?

      Nationals of countries within or outside the sanctioning country;

      Any legal person, institution, or organization within or outside the country that is established or formed under the laws of the country;

      In relation to any business performed in whole or in part within the country;

      Within the territory of the country; and Onboard any aircraft or vessel under the jurisdiction of a country.

      Sanction Scanner's AML Data

      Protect yourself against constantly updated sanctions lists with 3000+ Global Sanctions, PEP, and Adverse Media Data collected from 220+ countries updated every 15 minutes with Sanction Scanner.

      You Might Also Like