The United States, the European Union, and other countries and entities have expanded their economic sanctions against Russia as punishment for the invasion of Ukraine.
The first steps in the latest crisis were taken after Russian President Vladimir Putin signed decrees on Monday recognizing the independence of Donetsk and Luhansk, two pro-Russian breakaway regions in eastern Ukraine, after which he ordered soldiers to enter those regions. Regions.
The multi-pronged invasion began openly on Thursday, prompting the West to intensify its efforts to suppress Russia. Such measures would affect Putin’s key allies, the country’s banking system, and his ability to access basic technology, although some analysts said the measures were insufficient.
Below is a detailed account of the measures taken so far:
United State
TUESDAY: The Joe Biden administration announced that it will impose sanctions on Russia’s main development bank, VEB, and its military bank, Promsvyazbank, as well as make sweeping reductions in Russia’s sovereign debt, a measure aimed at weaning that country from funding from the West. .
Wednesday: President Biden commented that he will impose Economic sanctions against the company responsible for Nord Stream 2, a 1,300 km natural gas pipeline that is not yet operational and extends from Russia to Germany. The day before, Germany suspended the project, despite the fact that 55 percent of its gas supplies depended on Russia. The beneficiary of these sanctions is a subsidiary of the Russian state-owned Gazprom.
Thursday: Biden indicated that the United States SberBank and VTB Bank will be expelled from Western financial markets, two of the largest Russian banks and several major corporations. also announced Too drastic restrictions on technology imports He stated that the United States would freeze trillions of dollars in Russian assets, intensifying the crackdown on Russian elites and their families, even though Putin was not directly attacked.
Friday: United States Actions have been taken to punish Putin personally as well as Sergei Lavrov, the Russian foreign minister, by imposing sanctions to freeze their assets. The new measures were also directed at other national security officials.
European Union
Wednesday: The European Union agreed First round of economic sanctions against 27 individuals and entities Which included political, military, commercial and financial organizations, as well as persons associated with the decision to recognize the independence of Donetsk and Lugansk. These sanctions include asset freezes and travel bans across the European Union. Sanctions also include blocking access to European Union capital and financial markets for Russian state and regional governments, including state banks, freezing the assets of three banks linked to separate enclaves, and extending the trade embargo on the Ukrainian peninsula, which has been imposed on the peninsula. Ukrainian island. to Russia in 2014.
Friday: European leaders He agreed to another series of sanctions Freezing the assets of the Russian President and Foreign Minister Sergey Lavrov. The EU will also ban the export of aircraft and spare parts for the maintenance of Russian fleets, as well as semiconductors and specialized oil refining technology. Other sanctions will affect Russian banks and elites.
United kingdom
Tuesday: The British government imposed economic sanctions on five Russian banks and three billionaires closely linked to Putin. It has frozen their British assets, banned them from entering the country, and will prevent British citizens and British companies from doing business with them.
Thursday: Prime Minister Boris Johnson announced the expansion of sanctions to 100 companies, entities and oligarchs. Among other things, five more people have been banned from entering the country and their assets have been frozen, in addition to the government imposing other measures against all major Russian banks.
Australia
Wednesday: Prime Minister Scott Morrison said Australia will impose entry bans and economic sanctions on eight members of Russia’s National Security Council, while amending existing sanctions banning trade in sectors such as transport, gas and oil to include Donetsk and Luhansk. He also announced a ban on Australians doing business with five Russian banks.
Thursday: The Australian government announced that it will expand its sanctions list to include 25 military figures and four Russian military technology companies, and that it is about to impose restrictions on Australian investments in four financial institutions.
Canada
Tuesday: Prime Minister Justin Trudeau announced that the first round of sanctions against Russia will prevent Canadians from buying Russian sovereign debt and entering into financial deals with Donetsk and Luhansk. Financial sanctions will also apply to members of the Russian parliament who voted to recognize the breakaway regions.
Thursday – Trudeau said the Canadian government will impose economic sanctions on 58 individuals and entities, including members of Russia’s elite and major Russian banks. Canada will also stop granting export licenses to Russia.
Japan
Wednesday: Prime Minister Fumio Kishida lobbied package of penalties Russia prevents the issuance of more sovereign bonds in Japanese markets, prohibits any kind of trade with Donetsk and Lugansk, freezes the assets of representatives of those republics and makes it impossible for them to obtain visas.
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