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What Economic Sanctions Are Being Imposed On Russia? 10 Points

As Russia invaded Ukraine, world leaders expressed outrage as many countries announced economic sanctions, trade and travel bans and other measures.

Updated: February 25, 2022 1:47 AM IST

By News Desk | Edited by Snigdha Choudhury

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A man wrapped with an Ukrainian national flag watches news on his mobile phone as he sits at Maidan Independence Square in Kyiv on February 24. (Photo: AFP)

New Delhi: As Russia invaded Ukraine, world leaders expressed outrage as many countries announced economic sanctions, trade and travel bans and other measures. Meanwhile, the European Union and others promised further unprecedented sanctions to hit the Kremlim. Russia launched a wide-ranging attack on Ukraine on Thursday, hitting cities and bases with airstrikes or shelling, as civilians piled into trains and cars to flee. In an televised announcement, President Vladimir Putin announced attack on Ukraine and warned anyone listening that any interference would “lead to consequences you have never seen in history.”

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Defending the move as world condemned the attack, President Vladimir Putin said it was needed to protect civilians in eastern Ukraine, where Ukrainian forces and Russia-backed separatists have been fighting for almost eight years.

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Meanwhile, Ukraine’s leadership said at least 40 people had been killed so far in what it called a “full-scale war” targeting the country from the east, north and south. It said Russia’s intent was to destroy the state of Ukraine, a Western-looking democracy intent on moving out of Moscow’s orbit.

Ukrainian President Volodymyr Zelenskyy cut diplomatic ties with Moscow and declared martial law. “As of today, our countries are on different sides of world history,” Zelenskyy tweeted. “Russia has embarked on a path of evil, but Ukraine is defending itself and won’t give up its freedom.”

As civilians piled into trains and cars to flee, NATO and European leaders rushed to respond, if not directly in Ukraine, with strong financial sanctions against Russia and moves to strengthen their own borders. Britain, US, France and other countries said further sanctions will be announced against Russia.

Russia faces economic sanctions: 10 Points

  1. The United States’ first installment of sanctions hit members of Putin’s inner circle and their families and two banks that the U.S. considers especially crucial to the Kremlin and Russia’s military. Another new US measure limits Russia’s power to raise money abroad. US President Joe Biden is holding a meeting with G7 allies to further decide on new santions against Russia after it invaded Ukraine.
  2. Canada Prime Minister Justin Trudeau said his government will ban its citizens from all financial dealings with the two “independent states of Luhansk and Donetsk”. “Canada will also ban Canadians from engaging in purchases of Russian sovereign debt,” Trudeau said, according to a report by news agency Reuters.
  3. European Union (EU) president Ursula von der Leyen said all Russian assets will be frozen in the EU as Moscow invaded Ukraine. “We will freeze Russian assets in the European Union and stop the access of Russian banks to European financial markets,” von der Leyen said. “Like the first package of sanctions that were imposed when Russia recognized the two breakaway eastern Ukrainian republics,” the EU president said all Western powers were walking in lockstep.
  4. Latvian authorities said three Russian television channels will have their right to broadcast in Latvia suspended for several years with immediate effect. They cited the channels’ incitement to hatred against Ukraine, justification of war and spreading of disinformation on Ukraine, Latvia and other countries.
  5. UK Prime Minister Boris Johnson said the UK and its allies will agree a “massive package of economic sanctions designed in time to hobble the Russian economy.” “Our mission is clear: diplomatically, politically, economically and eventually militarily, this hideous and barbaric venture of Vladimir Putin must end in failure,” Johnson said. He is expected to give more details about new sanctions later Thursday.
  6. Germany has taken steps to halt the process of certifying the Nord Stream 2 gas pipeline from Russia, Chancellor Olaf Scholz said The decision, which was criticized by Moscow, is a significant move for the German government. Scholz said his government made the decision in response to Russian President Vladimir Putin’s recognition of the independence of two breakaway regions in eastern Ukraine that he said marked a “serious break of international law.”
  7. Australian Prime Minister Scott Morrison said while announcing targeted financial sanctions and travel bans as a first step in response to Russian aggression toward Ukraine. Australia is expected to announce more sanctions against Russia as it invaded Ukraine.
  8. In Japan, Prime Minister Fumio Kishida announced sanctions targeting Russia and the two separatist Ukrainian regions. Kishida told reporters that Tokyo will ban any new issuance and distribution of Russian government bonds in Japan because of “a series of actions Russia has been taking in Ukraine.” Kishida said Japan will also stop issuing visas to people linked to the two Ukrainian rebel regions and will freeze their assets in Japan. Tokyo will also ban trade with the two areas. He said Japanese officials are finalizing.
  9. The North Atlantic Treaty Organization (NATO), in a statement, said Russia will pay a “heavy economic and political price”. The North Atlantic Russia will pay a very heavy economic and political price. NATO will continue to coordinate closely with relevant stakeholders and other international organisations including the EU,” the NATO said.
  10. Highlighting a widening rift in superpower relations, China stood alone in failing to condemn the attack and instead accused the United States and its allies of worsening the crisis. And it put its friendship in practice Thursday by approving imports of wheat from Russia, a move that could help to reduce the impact of possible increased Western sanctions. Russia is one of the biggest wheat producers but would be vulnerable if foreign markets block shipments.

(With inputs from AP)

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Published Date: February 24, 2022 8:07 PM IST

Updated Date: February 25, 2022 1:47 AM IST