The United States, the European Union and several other countries and entities have extended economic sanctions against Russia as punishment for its invasion of Ukraine.
The first actions in the most recent crisis were taken after Russian President Vladimir V. Putin signed a decree on Monday recognizing Donetsk and Luhansk, two pro-Russian breakaway regions in eastern Ukraine, and later then ordered the army to enter those areas.
The multi-party invasion began in earnest on Thursday, prompting the West to expand its efforts to crack down on Russia by targeting Putin’s top allies, the country’s banking system and its ability to access to key technology in the country, although some analysts say these measures are going nowhere. far enough.
Here is a closer look at the measures that have been taken so far:
Tuesday: The Biden administration announced that it will impose sanctions on Russia’s main development bank, VEB, and its military bank, Promsvyazbank, and enact comprehensive restrictive measures on with Russia’s sovereign debt, a move intended to cut the country off from Western financing.
Wednesday: President Biden said that he will impose economic sanctions about the company behind Nord Stream 2 – a nearly 800-mile natural gas pipeline that has yet to be operational – between Russia and Germany. A day earlier, Germany had skipped the project, even though it depends on Russia for 55% of its gas needs. The target of the sanctions is a subsidiary of Gazprom, the Russian state-controlled energy company.
Thursday: President Biden says The US will cut off Sberbank and VTB Bank, two of Russia’s largest banks, and some large companies from Western financial markets. He also announced far-reaching restrictions on technology importsand says the United States is freezing trillions of dollars in Russian assets, extending a crackdown on Russian elites and their families, even though Mr. Putin is not a direct target.
Wednesday: European Union passed the first round of economic sanctions target 27 individuals and organizations, including political, military, business and financial organizations, as well as those involved in the decision to recognize Donetsk and Luhansk. The penalties include EU-wide asset freezes and travel bans. The sanctions also prevent Russian state and regional governments, including state-owned banks, from accessing the European Union’s capital and financial markets, freezing the assets of the three banks involved. concerns the breakaway regions and expanding trade bans that have been placed on Crimea, the Ukrainian peninsula that Russia annexed in 2014.
Tuesday: The British government imposes targeted economic sanctions on five Russian banks and three wealthy individuals with close ties to Putin. Their UK assets are frozen, they are banned from traveling within the country, and British citizens and businesses in the UK will be barred from any dealings with them.
Thursday: Prime Minister Boris Johnson announced the expansion of UK sanctions to apply to 100 companies, entities and oligarchs. Five other individuals have been barred from entry and have their assets frozen, and the government has taken other measures against all of Russia’s major banks, among other things.
Wednesday: Prime Minister Scott Morrison said Australia would impose travel bans and financial sanctions on eight members of Russia’s national security council, and revise existing sanctions banning trade in sectors including transportation, oil and gas to include Donetsk and Luhansk. He also announced a ban on Australians doing business with five Russian banks.
Thursday: The Australian government announced it will expand its sanctions list to target 25 Russian military figures and four military technology companies, and introduce restrictive measures for Australians investing in four organizations. financial institution.
Understanding Russia’s Attack on Ukraine
What is the root cause of this invasion? Russia considers Ukraine to be inside its natural sphere of influence, and it became irritated by Ukraine’s proximity to the West and the prospect of it joining NATO or the European Union. Although Ukraine is also not included in this category, it receives financial and military aid from the United States and Europe.
Tuesday: Prime Minister Justin Trudeau announces that a first round of sanctions against Russia will ban Canadians from buying Russian sovereign debt and financial transactions with Donetsk and Luhansk. Financial penalties will also be imposed on members of the Russian parliament who voted on the decision to recognize the breakaway regions.
Thursday: Mr. Trudeau says the Canadian government will target 58 individuals and entities, including members of the Russian elite and major Russian banks, with economic sanctions. Canada will also stop issuing export licenses to Russia.
Wednesday: Prime Minister Fumio Kishida approved a package punishment bans Russia from issuing new sovereign bonds in the Japanese market, bans all commercial transactions with Donetsk and Luhansk, and freezes the assets of the representatives of those republics and prohibits them from receiving visas.
https://www.nytimes.com/article/russia-us-ukraine-sanctions.html Sanctions to put pressure on Russia after the invasion