Sanctions on Russia Following the Russo-Ukrainian War

Blog / Sanctions on Russia Following the Russo-Ukrainian War

Last Update: October 17, 2022

Since Russia's recognition of the non-government-controlled portions of Ukraine's Donetsk and Luhansk oblasts on February 21, 2022, and the unprovoked and unjustifiable invasion of Ukraine on February 24, 2022, the West adopted a series of sanctions and export limits aimed at diminishing Moscow's capacity to fund the conflict.

Individual sanctions, economic sanctions, and diplomatic measures can be counted as examples.

The goal of the economic sanctions is to punish Russia severely for its actions and effectively block Russia's ability to continue its aggression.

Individual sanctions target individuals who support, finance, or carry out acts threatening Ukraine's territorial integrity, sovereignty, and independence or who gain from such actions.

The table below shows European Union’s Numbers of Sanctions against Russian individuals and entities;


A graph listing nations and the number of sanctions they have imposed; 


Timeline of Sanctions Imposed on Russia

While the war continues, new sanctions have been imposed on Russia.

Here is an overview of the new measures implemented by the United Kingdom, the European Union, Japan, Australia, and other nations;

DATE
COUNTRY
SANCTION
March 18
Russia
Russian insurers are prohibited from transacting with reinsurers in the United States, the United Kingdom, Australia, Canada, Japan, Switzerland, EU member governments, and other "unfriendly states."
March 18
Australia
Sberbank, Gazprombank, VEB.RF, VTB Bank, Russian Agricultural Bank, Sovcombank, Novikombank, JSC Alfa-Bank, and Credit Bank of Moscow have all been sanctioned.
April 11
Japan
Additional sanctions are approved, including an asset freeze on Sberbank of Russia and JSC Alfa-Bank. Introduces initiatives to limit future investment in Russia and decrease its energy dependency on Russia, including phasing out and forbidding Russian coal imports.
April 13
Switzerland
Adopts the EU's additional sanctions against Russia and Belarus, announced on April 8.
April 13
United Kingdom
Sanctions are issued on 206 people, including Gazprombank JSC Vice President Sergey Fursenko and six oligarchs.
April 19
Canada
Additional sanctions against Russia are announced, with 14 individuals targeted, including Russian Central Bank Governor Elvira Nabiullina.
April 19
New Zealand
Sanctions are imposed on 18 Russian financial companies, including Russia's central bank, Sberbank of Russia, VTB Bank PJSC, and Gazprombank JSC.
April 20
United States
Transkapitalbank, located in Russia, and a ring of more than 40 individuals and businesses overseen by Russian oligarch Konstantin Malofeyev are named as being involved in sanction violations. Executives with ties to Russia's Otkritie Financial Corp. Bank are among those named.
April 26
Poland
Sanctions are imposed on 50 Russian organizations and individuals, including the founder of JSC Alfa-Bank, Mikhail Fridman, and the state-owned energy corporation PJSC Gazprom.
April 27
Canada
New sanctions are imposed on 11 senior figures and 192 other officials of the People's Councils of the Luhansk and Donetsk People's Republics in eastern Ukraine's Donbas region in response to Russia's attempted annexation of the territory.
May 4
United Kingdom
Accountancy, management consulting, and public relations services exports to Russia are prohibited, and individuals in Russia's media business face sanctions.
May 4
European Union

According to European Commission President Ursula von der Leyen, the bloc's sixth package of sanctions on Russia includes the removal of Russia's largest bank, Sberbank, and two other significant banks from the Swift financial messaging system.

May 8
United States
Announces new sanctions against Russia, targeting executive board members of Sberbank and members of Gazprombank JSC. The latest sanctions target JSC Bank Moscow Industrial Bank. In addition, three of Russia's most prominent state-owned and controlled television networks have been sanctioned: JSC Channel One Russia, television station Russia-1, and JSC NTV Broadcasting Co. The measure is aimed at preventing the sale of equipment to broadcasters and advertising revenue generated in the United States.
May 9
United Kingdom
As with export prohibitions on chemicals, plastics, rubber, and equipment, new import restrictions are announced on items such as platinum and palladium.
May 13
United Kingdom
New sanctions are imposed on Russian President Vladimir Putin's associates, family members, and confidants. Alina Kabaeva, who is said to have a strong personal relationship with Putin, and Mikhail Klishin, an official at Bank Rossiya, are among those targeted.
May 13
United Kingdom
New sanctions are imposed on Russian President Vladimir Putin's associates, family members, and confidants. Alina Kabaeva, who is said to have a strong personal relationship with Putin, and Mikhail Klishin, an official at Bank Rossiya, are among those targeted.
May 25
European Union
Proposes making violations of EU sanctions a criminal offense across the EU, allowing for the functioning confiscation of sanctioned people's and companies assets.
May 31
Canada
Canada imposed fresh sanctions on 22 individuals and four organizations, including critical Russian banks and financial institutions, on May 31.
June 3
European Union
Adopts a sixth round of penalties, including the exclusion of Russia's Sberbank, Credit Bank of Moscow, and Russian Agricultural Bank from the Swift financial messaging system. The NCO JSC National Settlement Depository in Russia, which had intended to service Eurobonds, has also been sanctioned. The sanctions include a ban on the import of Russian crude oil as well as certain petroleum products into the EU.
June 6
United States
Clarifies that previous bans restricting the acquisition of new debt and equity shares issued by Russian businesses also apply to existing share trading on secondary markets.
June 7
Japan
The assets of Russian Agricultural Bank, Credit Bank of Moscow, and Belarus-based Belinvestbank JSC have been frozen.
June 10
Switzerland
Decides to implement the EU's additional sanctions against Russia and Belarus announced on June 3, including the withdrawal of Sberbank of Russia and three other banks from the Society for Worldwide Interbank Financial Telecommunication, or Swift.
June 22
United Kingdom
Clarifies that previous bans restricting the acquisition of new debt and equity shares issued by Russian businesses also apply to existing share trading on secondary markets.
June 27
G-7
The G-7 countries have restricted Russian gold shipments. The United Kingdom, the United States, Canada, and Japan have announced a restriction on importing freshly mined or processed gold. Russian gold that was previously exported is untouched. Following EU talks, the remaining G-7 associates — Italy, France, and Germany — might follow.
June 28
United States
Sanctions are imposed on 70 entities, many of which are connected to Russia's defense industry, the national defense agency Rostec, and 29 Russian individuals. Additional 45 businesses and 29 individuals are sanctioned; Russian Federation military formations are designated, and Russia's Federal Security Service is renamed. Announces actions to impose visa restrictions, which will apply to over 500 Russian Federation military personnel and officials.
June 29
United Kingdom
The Foreign Office adds 13 individuals and businesses to its Russia sanctions list, including Moscow Industrial Bank and tycoon Vladimir Potanin, Russia's second-richest man, who the Foreign Office claims have bought PJSC Rosbank and shares in JSC Tinkoff Bank since Ukraine's invasion.
July 21
European Union
Purchase, import, or transfer of gold & jewelry originating in Russia is prohibited, and Sberbank of Russia, among many other organizations, is added to the sanctions list.
August 3
Switzerland
Additional sanctions are imposed on Russia following the EU's most recent restrictions on gold and gold products. The country's biggest bank, Sberbank of Russia, is barred from supplying finances, economic resources, or technical services.
August 4
European Union
The EU has sanctioned pro-Russian former Ukrainian President Viktor Fedorovych and his son Oleksandr Viktorovych Yanukovych.
August 19
Canada
Canada has sanctioned 31 more Russian individuals and one defense sector firm.
August 22
New Zealand
New Zealand punishes additional Russian-installed officials in rebel regions of now-occupied Ukraine.
August 24
United Kingdom
The United Kingdom and Ukraine have announced the start of discussions on a new digital trade deal to assist Ukraine in rebuilding its economy.
August 26
Norway
Norway enforces restrictions to line with EU sanctions imposed on July 21, including a prohibition on gold imports from Russia, clarification and expansion of current export restrictions, and sanctioning an addition of 54 individuals and ten organizations.
August 31
Switzerland
Switzerland modifies its June 29, 2022 sanctions by prohibiting public procurement contracts from being awarded to Russian nationals, corporations, or institutions.
September 2
G-7
The finance ministers of the Group of Seven (United States, Australia, Canada, Germany, France, Italy, Japan, United Kingdom) have agreed to finalize and implement a price cap on Russian petroleum products and crude oil. The legislation would forbid Russia's petroleum and oil exports from being transported by sea unless they were acquired at or below a specified price.
September 5
Russia
Russia has barred Americans Ben Stiller, Sean Penn, and 23 others from visiting the country.
September 5
Russia
Russia has stated that it would not completely resume natural gas exports to Europe unless the "collective West" sanctions are lifted. Russia claims the sanctions hinder repairs to the Nord Stream 1 pipeline, but the EU disagrees. (Russia paused pipeline supplies indefinitely on September 2 following the G7 pricing announcement.)
September 9
United States
The US Treasury issues early guidelines on implementing the September 2 G7 price restriction on Russian seaborne oil supplies. If the Russian oil transaction price is less than a G7-set cap, the policy will enable ordinarily prohibited marine service providers, such as insurance, brokering, and financing.
September 14
European Union
The EU extends for another six months the travel bans, asset freezes, and financial penalties previously imposed on 1,206 individuals and 108 companies, many of whom are targeted due to Russia's conflict with Ukraine.
September 15
United States
The US Treasury has sanctioned another 22 individuals and two businesses, including Russians and those working on Russia's behalf in Russian-occupied regions.
September 15
China
Russian President Putin acknowledged that Xi had "concerns" about the situation in Ukraine at a meeting with President Xi Jinping in Uzbekistan, throwing their prior "no limit" pledge of friendship into doubt. China condemns the "illegal unilateral sanctions" placed on Russia by the US and others at the UN Human Rights Council's 51st regular session in Vienna.
September 16
Germany
Germany placed three Russian Rosneft-owned facilities in the nation under the trusteeship of the country's federal energy regulator. It implemented procedures to ensure that refineries may obtain oil from sources other than Russia's Druzhba pipeline.

How is Russia Holding Up Against These Measures?

Restricted measures do not target Russian society. As a result, industries such as food, agriculture, health, and medicines are exempted from the new restrictions.

Although it may take some time to witness the effects of some of the sanctions placed on Russia, current estimates suggest that restrictive measures already have the desired effect, as seen by economic statistics.

Russia's Economy is Shrinking

According to a World Bank assessment, the Russian economy will suffer in 2022. The Gross Domestic Product (GDP) is predicted to fall by more than 11%. This would be a tremendous loss in GDP since the Soviet Union's demise.


Decreasing Trade and Rising Inflation

The restrictions target the importing and exporting of specific goods. The list of prohibited items is intended to maximize the sanctions' detrimental impact on the Russian economy while minimizing the costs for EU enterprises and persons.

Figures show that these restrictive measures are having an impact. According to the World Bank, Russian trade in services and goods will decline significantly by 2022.




 


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