We look at different economic measures deployed around world to counter aggression from Putin
Countries around the world have imposed an unprecedented array of economic and other sanctions on Russia after Vladimir Putin’s invasion of Ukraine, targeting its finance, energy and military-industrial sectors as well as individuals and sporting events.
Here are some of the measures adopted by the US, EU and UK, with countries including Japan, Taiwan, Australia and New Zealand all taking similar steps:
The EU, US, UK and Canada have agreed to prevent the Russian central bank from deploying its €640bn (£540bn) of international reserves “in ways that undermine the impact of our sanctions”.
The EU has banned all transactions with the institution. The US has done the same, and added the Russian finance ministry and national wealth fund. The Russian state has, in effect, been banned from raising sovereign debt; shares of Russian state-owned entities may no longer be listed on EU stock exchanges.
A range of Russian banks – their names have not yet been announced – are also being cut out of the Swift international payments system by the EU, US, UK and Canada. Brussels has said this will “stop them from operating worldwide, and effectively block Russian exports and imports”.
The US has placed Russia’s top 10 financial institutions, representing about 80% of the country’s banking sector, under restrictions, including cutting off the biggest – Sberbank, which accounts for about 30% of Russian banking – and its subsidiaries from conducting transactions through the US system.
The assets of many other Russian banks, including VTB, the country’s second largest, Bank Rossiya and Promsvyazbank, have also been hit with strict asset freezes and/or new business restrictions in the EU, UK, US and elsewhere.
The foreign assets of the Russian president, his foreign minister, Sergei Lavrov, and the defence minister, Sergei Shoigu, have been frozen in the EU, US and UK, as have those of the FSB security head, Alexander Bortnikov, the armed forces chief, Valery Gerasimov, and members of the Kremlin’s security council. The EU has imposed sanctions on all 351 members of Russia’s parliament, the Duma; the US and UK are punishing selected members as are Australia, Japan and New Zealand.
More than a dozen billionaire oligarchs with ties to Putin’s regime, including Andrey Patrushev (oil company Rosneft), Petr Fradkov (Promsvyazbank), Yury Slyusar (United Aircraft), Boris Rotenberg (gas pipeline company SMP), Denis Bortnikov (VTB bank) and Kirill Shamalov, ex-husband of Putin’s daughter Katarina, are on asset freeze and travel ban lists around the world. The US is also sanctioning top state-owned bank executives from VTB and Sberbank. Canada and Australia have also imposed sanctions on multiple oligarchs.
The UK has imposed a £50,000 limit on bank accounts held by Russian nationals in the UK), and the EU a limit of €100,000 in EU banks.
Russian airlines and private jets have been progressively banned from UK and EU airspace and the US is considering similar action but has yet to make a final decision. Aeroflot has said it will cancel all flights to European destinations; multiple European airlines have said they are halting routes to Russia.
The US has in effect banned the Russian energy company Gazprom, the oil pipeline company Transneft, and the power company RusHydro, as well as the country’s biggest freight, rail and telecoms companies, from its credit markets.
The EU has introduced a ban on exports of aircraft and aviation parts to Russia, as well as exports of hi-tech goods including semiconductors, computers, telecoms and information security equipment and sensors. UK and EU-based companies are also banned from exporting to a wide range of Russian defence, naval, transport and communications companies, including the infamous Internet Research Agency troll farm in St Petersburg.
The Uefa Champions League final has been removed from St Petersburg to Paris.
Fifa and Uefa have suspended Russian clubs and national teams from all competitions.
The Formula One grand prix and all World Cup skiing events in Russia have been cancelled.
Russia has been banned from taking part in the Eurovision song contest.
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