What sanctions have been placed on Russia?
WESTERN countries have placed sanctions on Russia after the unprovoked invasion of Ukraine.
The UK has joined the US and European Union in drawing up measures to cripple the Russian economy. Here’s the sanctions that have been imposed so far…
Russian banks sanctioned
Before Russia’s February 24, 2022, invasion, the Foreign Office warned sanctions would hit “oligarchs at the heart of Putin’s inner circle” as well as banks.
The measures would include asset freezing, a travel ban and any business with UK entities, Prime Minister Boris Johnson announced.
After the tanks rolled into Ukraine, Johnson made good on his vow, freezing key tycoons’ UK assets and prohibiting Russian banks from transacting from March 1, 2022.
Putin claims he “doesn’t give a s***” about the measures. But his cronies may feel differently.
Three uber-rich oligarchs with UK ties and Kremlin backing – Gennady Timchenko, Boris Rotenberg and Igor Rotenberg – are among the sanctioned.
Oligarch assets frozen
Timchenko and the Rotenbergs can no longer access funds, travel or do business in the UK.
Five Russian banks are also being sanctioned – Rossiya, IS Bank, General Bank, Promsvyazbank and the Black Sea Bank.
“This the first tranche, the first barrage, of what we are prepared to do, and we hold further sanctions at readiness to be deployed,” Johnson said, “alongside the United States and the European Union if the situation escalates still further.”
The threats come as oligarchs are rushing their yachts to non-EU-controlled waters and one tycoon’s ship was seized in Germany.
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Nord Stream 2 gas pipeline
Putin was dealt a further gut punch as Germany pulled the plug on the multi-billion-pound Nord Stream 2 gas pipeline.
The new undersea pipeline, meant to ferry natural gas directly from Russia to northern Germany, was slated to open in summer 2022 .
It is owned by a subsidiary of Russia’s state-owned Gazprom.
Berlin was dragged kicking and screaming into the deal, due to the fears Germany would face shortages without the pipe opening.
Now, the pipeline’s project company has gone bankrupt thanks to the sanctions.
Severing banking ties
US, EU and UK citizens are now barred from transacting with Russia’s central bank and finance ministry.
Russia has also been removed from the Swift money management system, rendering financial exchanges tediously slow.
Banned from aerospace
Ukrainians’ pleas for a no-fly zone over their country have gone unanswered.
But the US, EU and UK have made Russian planes unwelcome in their own skies.
The American measure prohibits any kind of flight on “all aircraft owned, certified, operated, registered, chartered, leased, or controlled by, for, or for the benefit of, a person who is a citizen of Russia.”
Russian flights including Aeroflot and private aircrafts are now banned from flying over the UK.
Private companies join in
These punitive measures aren’t limited to the public sector. Private firms are sanctioning Russia, too.
Car companies the world over, from Mitsubishi to General Motors, joined Jaguar Land Rover in ceasing vehicle deliveries to Russia.
Film studios such as Disney, Warner and Sony are withholding their latest flicks from the country.
Even the adult site OnlyFans is taking a stand. Russian models using the service have been booted from accessing their accounts.
All you need to know about Russia's invasion of Ukraine
Everything you need to know about Russia's invasion of Ukraine...
- Why is Russia invading Ukraine?
- Will the UK go to war?
- How can I join the Ukraine foreign legion?
- What can I do to help Ukraine?
- Who is Ukraine’s president Volodymyr Zelenskyy?
- How much gas does the UK get from Russia?
- Is Russia a part of Nato?
- Does Russia have nuclear weapons?
- Why is Ukraine not in Nato?
- How big is the Russian army?
- What is Article 5 of the Nato treaty?
- What is the Minsk agreement?
- Which countries were in the Soviet Union?
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