Ukraine crisis: What sanctions have been imposed on Russia?
The United States and other countries in the West have announced stringent sanctions against Russia, after it launched a full-scale invasion of Ukraine. The measures are aimed at striking the Russian economy and forcing President Vladimir Putin to rethink military action. Russia began the attack on Thursday following weeks of border tensions with Ukraine over the latter's wish to join the NATO alliance.
What are sanctions?
A sanction is an economic or financial penalty that a country or state imposes on another in an attempt to stop it from acting aggressively or from breaking international laws. They can include financial curbs, travel bans, and arms embargoes, among other curbs. Russia has faced sanctions earlier as well, including in 2014, when the country annexed the Crimean Peninsula.
Biden announces major curbs
US President Joe Biden has announced various restrictions, declaring that Russia "chose this war" and would bear the consequences. Under the curbs, four major Russian banks will have their assets in America frozen. The sanctions will also target Russian elites who are considered close to Putin. The US and its allies will further cut off over half of Russia's high-tech imports.
Sanctions imposed by UK
In the United Kingdom, sanctions announced by Prime Minister Boris Johnson include the freezing of assets held by all major Russian banks. The country has also frozen assets of over 100 individuals or entities, banned Aeroflot airline, and suspended export licenses for items that can be used for military purposes. A limit on deposits Russians can make in UK banks has also been set.
EU's set of sanctions for Russia
Meanwhile, the European Union said it had agreed to wide-ranging sanctions on Russia. "These sanctions cover the financial sector, the energy and transport sectors, dual-use goods as well as export controls and export financing, visa policy, additional listings of Russian Individuals and new listing criteria," it said in a statement. Earlier, Germany had put on hold Nord Stream 2 gas pipeline project with Russia.
Ukraine calls for more
However, experts say the sanctions announced so far fall short of the options available. Leaders in Ukraine, meanwhile, say the curbs are not enough and more needs to be done. Ukrainian President Volodymyr Zelenskyy said Russia should be immediately excluded from SWIFT, the main financial messaging service around the world. However, such a measure would trigger ramifications for Western nations as well.
