List Of Sanctions Imposed Against Russia So Far: 10 Point-Guide
The US and its European allies imposed several tough sanctions against Russia over its invasion of Ukraine.
New Delhi: The US and its European allies imposed several tough sanctions against Russia over its invasion of Ukraine. On Sunday, Russia unleashed a wave of attacks on Ukraine targeting airfields and fuel facilities in what appeared to be the next phase of an invasion that has been slowed by fierce resistance. To this, the US and EU responded with strict sanctions against Russia and also sending weapons and ammunition for the outnumbered Ukrainians.
Two of the key new sanctions target the heart of Russia’s financial system, its Central Bank, and cut an unspecified number of Russia’s banks off from the SWIFT financial network. US and European officials made clear they still were working on implementation of the sanctions, and said they would take care not to impact European purchases of Russian natural gas.
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Here’s a list of sanctions imposed against Russia
- SWIFT move: In a major move aimed to cripple Russia’s economy, the US along with its key allies, including EU and the UK, have decided to disconnect key sanctioned Russian banks from the global financial system SWIFT. The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is the world’s main banking messaging service which links around 11,000 banks and institutions in more than 200 countries, including India. Removing banks from SWIFT is deemed to be a severe curb because almost all banks use the system. Russia is heavily reliant on the SWIFT system for its key oil and gas exports.
- Nord Stream 2: Germany suspended approval of the Nord Stream 2 gas pipeline from Russia. In an announcement, German Chancellor Olaf Scholz said he took the decision as Russia’s actions against Ukraine marked a “serious break of international law.” The undersea Nord Stream 2 pipeline directly links Russian gas to Europe via Germany and is complete but not yet operating. It’s a 1,230-kilometer-long (764-mile-long) natural gas pipeline under the Baltic Sea. The Nord Stream 2 pipeline runs from Russia to Germany’s Baltic coast.
- Russia’s tech supply: The US announced sanctions to choke Russia’s tech supply. President Joe Biden said new US export limits will deprive Russia of more than half of its current high-tech supply. It will “strike a blow” to Russia’s aims to modernize its military, its vaunted aerospace industry, its space program, shipping and other industry, he declared. By “reducing their ability to compete economically,” the high-tech limits will be a “major hit to long-term strategic ambitions,” Biden said.
- UK financial restrictions: British Prime Minister Boris Johnson announced financial restrictions and export controls. In addition, Britain will also prohibit Russia’s flagship airline, Aeroflot, from landing at British airports.
- Airspace ban: Several EU countries closed their airspace for Russian flights. The United Kingdom issued a NOTAM barring Russian airlines and any flights associated with a Russian person from operating in UK airspace or to UK airports, with the exception of transatlantic overflights. Other countries which imposed ban on using their airspace for Russian airlines include Estonia, Latvia, Slovenia, and Romania. Meanwhile, Germany officials said that the country is preparing to close its airspace to Russian planes. German airline Lufthansa On Sunday said it was suspending flights to Russia and its use of Russian airspace amid Moscow’s attack on Ukraine, news agency AFP reported.
- Russia’s Central Bank: The new restrictions that the United States, European Union and United Kingdom announced for Russia’s Central Bank would limit the Kremlin’s ability to access the more than $600 billion in reserves there. If the West is able to implement the Central Bank restrictions as it aims to, it will cripple Russia’s ability to keep the ruble from crashing in value amid the tightening Western sanctions.
- EU agrees to freeze assets of Vladimir Putin, Sergei Lavrov: The European Union (EU) approved to freeze the European assets linked to Russian President Vladimir Putin and Foreign Minister Sergei Lavrov. The EU’s unanimous decision, part of a broader sanctions package, indicated that Western powers are moving toward unprecedented measures to try to force Putin to stop the brutal invasion of Russia’s neighbor and from unleashing a major war in Europe.
- Canada imposed sanctions that will target 58 people and entities, including members of Russia’s elite and their families, the paramilitary Wagner Group and major Russian banks. The punitive measures, announced after Prime Minister Justin Trudeau attended a virtual meeting of G-7 industrialized nations, will also cover members of the Russian Security Council, including key cabinet ministers.
- Russian banks cut off from US Dollar: The US announced sanctions targeting big Russian banks holding nearly 80 per cent of all the country’s banking assets, the Treasury Department said. That includes Russia’s two biggest: state-owned SberBank and VTB. Combined, they hold almost $750 billion in assets, the U.S. said, which is more than half of the entire total in Russia. The targeted banks normally do tens of billions of dollars in business in dollars daily. The US is now cutting them off from the US financial system and U.S. dollar. The aim is to make the most ordinary business matters as well as international trade far more difficult for the banks, and Russia.
- Champions League and Formula 1: Russia was stripped of hosting the Champions League final by UEFA with St Petersburg replaced by Paris after Russia’s invasion of Ukraine. The men’s final will still be held on May 28 but now at the 80,000-seat Stade de France after the decision by UEFA’s executive committee. Meanwhile, Formula One has pulled its race from Russia following the country’s invasion of Ukraine, saying it would be “impossible” to hold the race in Sochi under the current circumstances. The Russian Grand Prix was scheduled for September 25.
(With inputs from AP, PTI)
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