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A Look at the Sanctions Imposed on Russia

Multiple nations are attempting to thwart the nation's war efforts in Ukraine

Multiple countries worldwide are imposing substantial sanctions against Russia as a result of its invasion of Ukraine.

On Friday, the European Union, Japan, Australia, New Zealand, and Taiwan all slapped Moscow with new injunctions, condemning the nation’s invasion of Ukraine.

On Thursday, the United States and the United Kingdom also disclosed more sanctions against Russia. The sanctions come as the nations’ leaders denounced the actions of Russian President Vladimir Putin.

Russia is already feeling the effects of its attack, with the nation’s stock market and currency crashing this week following Putin’s decision to invade Ukraine.

Ukraine has urged Western leaders to exclude Russia from SWIFT, the high-security network that enables bank payments among 11,000 financial institutions in 200 countries. Earlier this week, Germany halted the Nord Stream 2 gas pipeline certification.

On Thursday, President Biden outlined the increased sanctions imposed by the U.S.

The latest sanctions include restrictions on technology export, something Biden said would severely limit Russia’s ability to advance its military and aerospace sector.

The White House said, “this includes Russia-wide restrictions on semiconductors, telecommunication, encryption security, lasers, sensors, navigation, avionics, and maritime technologies.”

Biden also outlined sanctions on Russian banks and wealthy Russians close to the Kremlin.

He said the U.S. would restrict 13 major Russian companies from raising money in the United States. These companies include Gazprom and Sberbank, Russia’s largest financial institution.

European Commission President Ursula von der Leyen and French president Emmanuel Macron announced new measures early Friday in the European Union.

Those sanctions aim to impact Russia’s financial, energy, and transport sectors. The new sanctions also include export controls and trade financing bans.

On Friday, Prime Minister Fumio Kishida announced that Japan has chosen to assess a range of sanctions targeting Russian financial institutions, military organizations, and individuals.

The sanctions include freezing the assets of specific Russian individuals and financial institutions. The nation has also placed a ban on exports to Russian military organizations.

Australia said Friday that it would begin imposing further sanctions on oligarchs, including 300 members of the Russian Duma, the country’s parliament.

In a press conference on Friday, Prime Minister Scott Morrison said that the nation was “also working with the United States to align with their further sanctions overnight on key Belarusian individuals and entities complicit in the aggression.”

New Zealand’s sanctions have placed a ban on exporting goods to the Russian military and security forces.

On Friday, Prime Minister Jacinda Ardern said that it would cut trade with Russia and impose travel bans against Russian officials.

Taiwan announced Friday that it would also implement economic sanctions against Russia.

The Taiwanese Ministry of Foreign Affairs said it “strongly condemns” Russia’s decision to start a war against Ukraine, adding that it has posed a “serious threat to the rules-based international order.”

British Prime Minister Boris Johnson announced on Thursday afternoon that the United Kingdom would sanction 100 individuals and entities as part of further sanctions against Russia.

Johnson said in a speech to parliament that the goal was “to exclude Russian banks from the UK financial system, which is of course by far the largest in Europe, stopping them from accessing sterling and clearing payments through the UK.”

“An asset freeze will be imposed on Russian state bank VTB, he added, following the sanctioning of five Russian banks on Tuesday. Russian state and private companies will also be prevented from fundraising in the United Kingdom,” Johnson continued.

As the invasion of Ukraine continues, it is likely more nations will join the effort to sanction Russia and help bring an end to the war.

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