Following Russia’s continued aggression in the Donetsk and Luhansk regions of Ukraine, which it had previously recognized as independent and sovereign countries, multiple economic sanctions have now been announced by the United States and multiple allies of Ukraine to keep Russia at bay. Russia’s diplomatic and military actions are now deemed the “beginning of a Russian invasion” by the US and its allies.
The Biden-led United States was quick to condemn the Russian recognition of the breakaway regions and the deployment of “peacekeeper” troops in Donbas, releasing Donetsk and Luhansk specific sanctions and later, Russia specific sanctions. “So I’m going to begin to impose sanctions in response, far beyond the steps we implemented in 2014,” the President said. Numerous allies followed suit with the economic and fiscal sanctions in solidarity with Ukraine.
To keep updated with all sanctions imposed on Russia, here is a list for your easy viewing and comprehension. We remind all of our readers that the situation in Ukraine is ever-changing. With that being said, we urge all of our readers to check back on our site for any further developments.
United States Sanctions
US President Joe Biden had released the first tranche of economic and fiscal sanctions aimed toward weakening Russia’s financial institutions that can hamper its revenue generation and sovereign debt financing in the future. US investments and business within the breakaway regions were also barred through an executive order.
Particularly, it sanctioned Vnesheconombank (VEB) and Promsvyazbank Public Joint Stock Company (PSB), along with 42 of their subsidiaries, in order to weaken debt servicing and defense spending.
It had also sanctioned and blacklisted several Russian oligarchs, including Denis Aleksandrovich Bortnikov, son of Aleksandr Vasilievich Bortnikov; Petr Mikhailovich Fradkov, the CEO of PSB and the son of former Prime Minister of Russia Mikhail Efimovich Fradkov; and Vladimir Sergeevich Kiriyenko, the CEO of Vkontakte and son of former Prime Minister Sergei Vladilenovich Kiriyenko.
To read more about this in detail, we released a comprehensive guide to the United States’ sanctions to Russia, which you can read about here.
The Ukrainian parliament has sanctioned 351 Russians comprised of lawmakers who supported Putin’s move to recognize the independence and sovereignty of the two breakaway states, which are controlled by Russian-backed separatists. These sanctions include barring said individuals from entering Ukraine and freezing and preventing their access to property and assets in Ukraine. They also cannot do business in Ukraine any longer following the implementation of the sanctions by Ukraine’s National Security and Defense Council.
Ukraine also declared a 30-day state of emergency last Wednesday, ordering its citizens in Russia to come home immediately. Following this announcement, the Ukrainian government led by President Volodymyr Zelensky has initiated compulsory military service for all men of the fighting age. They were also subject to cyber-attacks following the Russian deployment of ‘peacekeepers’ in Donbas.
European Union Sanctions
Last Wednesday, the 27-member European Union approved sanctions against Russia’s entire lower house of parliament who voted to recognize the breakaway states in Ukraine. All Russian parliament members would be added to a blacklist and be prohibited from accessing their assets and be banned from traveling to EU country members.
Furthermore, the EU has placed fiscal regulatory policies to restrict the Russian government’s ability to raise capital on the EU financial market. A ban on imports from Donetsk and Luhansk was also placed, accompanied by restrictions on trade and investment, tourism, and an export ban on goods and technologies.
The details of these sanctions are yet to be published.
German Chancellor Olaf Scholz responded to the Russian aggression by halting the certification process of the Nord Stream 2 gas pipeline, a project that would enable Germany to have access to cheaper gas supply critical for Germany’s transport and electricity generation for over 26 million German homes. The United States and the West have criticized the $11 billion gas pipeline as it would increase the Kremlin’s influence on Europe as it supplies over 1/3 of natural gas to the majority of the continent.
United Kingdom Sanctions
United Kingdom Prime Minister Boris Johnson has announced sanctions for 5 Russian banks and three Russian billionaires. The Prime Minister said that this would be the first of many sanctions it could impose on the Kremlin. Specifically, it had sanctioned and blacklisted Russian billionaires Gennady Timchenko (owner of the Volga Group) and Rotenberg brothers Igor and Boris Rotenberg (owners of the oil and gas giant SGM Group) as they all share close links with Russian President Vladimir Putin. Their assets will be subsequently frozen and banned from doing business or financing any of them. These three were also sanctioned by the United States 4 years ago.
Along with this, the sanctions also targeted five Russian banks, namely Rossiya, IS Bank, General Bank, Promsvyazbank, and the Black Sea Bank.
“We will curtail the ability of the Russian state and Russian companies to raise funds in our markets, prohibit a range of high tech exports, and further isolate Russian banks from the global economy,” said British Foreign Secretary Liz Truss.
Last Wednesday, Japanese Prime Minister Fumio Kishida moved to impose sanctions on Russia, deeming Moscow’s recognition of the breakaway regions as an ‘unacceptable violation of Ukrainian sovereignty and international law.’ Japan proceeded to prohibit the issuance of Russian bonds within their country and froze the assets of selected Russian elites. They have also barred entry to Japan to the said individuals.
“Russia’s actions very clearly damage Ukraine’s sovereignty and go against international law. We once again criticize these moves and strongly urge Russia to return to diplomatic discussions,” the Japanese Prime Minister said.
This is a notable move from Japan as it relies on Moscow for 12% of its thermal coal and 10% of its liquified natural gas supplies. He further stated that Japan is willing to take further action against Russia if the situation does escalate.
Australian Prime Minister Scott Morrison and the Australian national security committee had met on Wednesday and declared that the Kremlin was “behaving like thugs and bullies.” In response to the aggression, 8 Russian security officials and Russia’s oil and gas sectors were targeted. Morrison stated that this was only the first set of sanctions it was planning to impose. However, Australia did not say which Russian security council members were being sanctioned.
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