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Ukraine: What sanctions are being imposed on Russia? Ukraine: What sanctions are being imposed on Russia?
(1 day later)
A growing number of international companies including McDonald's have suspended trading in Russia
The US and UK are banning Russian oil, and the EU has pledged to end its reliance on Russian gas.The US and UK are banning Russian oil, and the EU has pledged to end its reliance on Russian gas.
The announcements mark an escalation of the sanctions already imposed by Western powers since President Putin invaded Ukraine.The announcements mark an escalation of the sanctions already imposed by Western powers since President Putin invaded Ukraine.
In response, Russia has banned the export of a number of foreign-made products.
What are sanctions?What are sanctions?
Sanctions are penalties imposed by one country on another, to stop it acting aggressively or breaking international law.Sanctions are penalties imposed by one country on another, to stop it acting aggressively or breaking international law.
The measures are designed to hurt a country's economy, or the finances of individual citizens such as leading politicians. The measures are designed to hurt a country's economy, or the finances of individual citizens such as politicians and business leaders.
They are among the toughest actions nations can take, short of going to war.They are among the toughest actions nations can take, short of going to war.
What have countries said about Russian oil and gas?What have countries said about Russian oil and gas?
US President Joe Biden has banned all imports of Russian oil and gas.US President Joe Biden has banned all imports of Russian oil and gas.
He admitted the decision was "not without cost at home," but said it was taken "in close consultation" with allies.
The UK will phase out Russian oil imports by the end of 2022.The UK will phase out Russian oil imports by the end of 2022.
The EU currently imports a quarter of its oil and 40% of its gas from Russia so has not announced a total ban. The EU currently imports a quarter of its oil and 40% of its gas from Russia, so has not announced a total ban.
But the European Commission said it would switch to alternative supplies, and expand clean energy more quickly, hoping to make Europe independent from Russian energy "well before 2030". But the European Commission says it intends to switch to alternative supplies and expand clean energy more quickly, to make Europe independent from Russian energy "well before 2030".
Germany has already put on hold permission for the Nord Stream 2 gas pipeline from Russia to open. Germany had already put on hold permission for the Nord Stream 2 gas pipeline from Russia to open.
Could the world survive without Russian oil and gas?Could the world survive without Russian oil and gas?
Oil sanctions take west into uncharted watersOil sanctions take west into uncharted waters
What sanctions have Western nations already imposed? What other sanctions have Western nations imposed?
Financial measuresFinancial measures
Western leaders have frozen the assets of Russia's central bank, limiting its ability to access $630bn (£470bn) of its dollar reserves. Western countries have frozen the assets of Russia's central bank, limiting its ability to access $630bn (£470bn) of its dollar reserves.
The US, the EU and UK have also banned people and businesses from dealings with the Russian central bank, its finance ministry and its wealth fund. It has also been suspended from the central banks' organisation, the Bank for International Settlements - which central banks use to make transactions.
Selected Russian banks will also be removed from the international financial messaging system Swift, which enables the smooth transfer of money across borders. The ban will delay the payments Russia gets for its oil and gas exports. The US, EU and UK have banned people and businesses from dealings with Russia's central bank, its finance ministry and its wealth fund.
Selected Russian banks are also being removed from the international financial messaging system Swift, which enables the smooth transfer of money across borders. This will delay payments Russia gets for its energy exports.
Other UK sanctions include:Other UK sanctions include:
major Russian banks excluded from the UK financial system, stopping them from accessing sterling and clearing payments major Russian banks excluded from the UK financial system, stopping them from accessing sterling or making payments
all Russian banks will have their assets frozenall Russian banks will have their assets frozen
the Russian state and major companies will not be able to raise finance or borrow money on UK markets the Russian state and major companies will not be able to raise finance or borrow money in the UK
a limit will be placed on deposits Russians can make at UK banksa limit will be placed on deposits Russians can make at UK banks
The EU also said it would target 70% of the Russian banking market and key state-owned firms, including defence firms. The EU also said it would target 70% of the Russian banking market and key state-owned firms.
Targeting individualsTargeting individuals
Western governments have imposed sanctions on some individuals, including a "hit list" of powerful, wealthy businessmen and women close to the Kremlin known as oligarchs. The UK, EU, and US governments have imposed sanctions on several of the billionaire business leaders, known as oligarchs, who are perceived to be close to the Kremlin.
Assets belonging to Russian President Vladimir Putin and his Foreign Minister Sergei Lavrov which are held in the US, EU, UK and Canada will be frozen. The US has also imposed a travel ban on them.Assets belonging to Russian President Vladimir Putin and his Foreign Minister Sergei Lavrov which are held in the US, EU, UK and Canada will be frozen. The US has also imposed a travel ban on them.
In addition the US has targeted the assets of eight more oligarchs and officials, including business tycoon Alisher Usmanov. The UK has sanctioned seven Russian billionaires, including Chelsea FC owner Roman Abramovich, freezing their assets and restricting their ability to travel.
The US has also targeted a similar list of oligarchs and officials, including business tycoon Alisher Usmanov.
Alisher Usmanov (right) with President Putin at the Kremlin in November 2018Alisher Usmanov (right) with President Putin at the Kremlin in November 2018
The EU, UK, US and Canada have launched a transatlantic taskforce to identify and freeze the assets of sanctioned individuals and companies. The EU, UK, US and Canada have launched a transatlantic taskforce to identify and freeze the assets of sanctioned individuals and firms.
The UK is limiting the sale of "golden visas", which have allowed wealthy Russians to get British residency rights, and MPs are due to discuss the Economic Crime Bill, which is aimed at freezing the UK assets of Putin's allies. The UK is limiting the sale of "golden visas", which allowed wealthy Russians to get British residency rights. MPs are due to discuss the Economic Crime Bill, which is aimed at freezing the UK assets of Putin's allies.
Who is not on the UK sanctions list?
Trade with Russia and travelTrade with Russia and travel
Curbs on products that can be sent to Russia have been announced by the UK, EU, US and others.Curbs on products that can be sent to Russia have been announced by the UK, EU, US and others.
These include dual-use goods - items that could have both a civilian and military use, such as chemicals or lasers. These include dual-use goods - items that could have both a civilian and military purpose, such as chemicals or lasers.
The EU wants to make it impossible for Russia to upgrade its oil refineries. It is also banning the sale of aircraft and equipment to Russian airlines.The EU wants to make it impossible for Russia to upgrade its oil refineries. It is also banning the sale of aircraft and equipment to Russian airlines.
The US has joined the UK, EU and Canada in banning all Russian flights from its airspace. The UK has also banned private jets from third party countries which have been chartered by Russians. The US has joined the UK, EU and Canada in banning all Russian flights from its airspace. The UK has also banned private jets from third-party countries which have been chartered by Russians.
A private jet has been impounded at Farnborough Airport in Hampshire over a potential connection to Russian billionaire Eugene Shvidler.
Belarus, which has been accused of helping Russia's invasion, is also facing sanctions from the EU, US and UK.Belarus, which has been accused of helping Russia's invasion, is also facing sanctions from the EU, US and UK.
What are companies doing?What are companies doing?
A growing number of international companies including McDonald's, Coca-Cola and Starbucks have suspended trading in Russia.A growing number of international companies including McDonald's, Coca-Cola and Starbucks have suspended trading in Russia.
Universal Music Group has stopped operations and closed its offices in Russia.Universal Music Group has stopped operations and closed its offices in Russia.
Apple, Netflix, Zara, Mothercare, H&M and Jaguar Land Rover had already announced they would pause their activities.Apple, Netflix, Zara, Mothercare, H&M and Jaguar Land Rover had already announced they would pause their activities.
Three of the Big Four accounting groups - KPMG, EY and PricewaterhouseCoopers (PwC) - have said they will no longer have a member firm in Russia, and leading law firm Freshfields says it will no longer work with any clients linked to the Russian state.Three of the Big Four accounting groups - KPMG, EY and PricewaterhouseCoopers (PwC) - have said they will no longer have a member firm in Russia, and leading law firm Freshfields says it will no longer work with any clients linked to the Russian state.
How has Russia reacted to the sanctions?How has Russia reacted to the sanctions?
Russia more than doubled its key interest rate in an attempt to stem the decline of the rouble, which fell 30% against the US dollar after sanctions were introduced. Russia has banned exports of more than 200 products until the end of 2022, in a bid to limit the impact of western sanctions.
It is also blocking interest payments to foreign investors who hold government bonds, and banning Russian companies from paying overseas shareholders. It also more than doubled its key interest rate in an attempt to stem the decline of the rouble, which fell 30% against the US dollar after sanctions were introduced.
Russia has stopped foreign investors who hold tens of billions of dollars worth of Russian stocks and bonds from selling those assets. In addition it is blocking interest payments to foreign investors who hold government bonds, and banning Russian firms from paying overseas shareholders.
The EU is worried many wealthy Russians are now converting their rouble savings into cryptocurrencies - such as Bitcoin - to get around the sanctions. It has stopped foreign investors who hold billions of dollars worth of Russian stocks and bonds from selling those assets.
The EU is worried many wealthy Russians will convert their rouble savings into cryptocurrencies - such as Bitcoin - to get around the restrictions.
Many of the world's largest crypto exchanges are refusing to impose a blanket ban on Russian clients.Many of the world's largest crypto exchanges are refusing to impose a blanket ban on Russian clients.
Russia's foreign ministry has threatened sanctions of its own against the West. This may include reducing or shutting off gas supplies to Europe. Russia has blocked British airlines from entering its airspace or landing at its airports.
British airlines cannot enter Russian airspace or land at Russian airports. Experts also warn that Putin might reduce or shut off gas supplies to Europe.
Russia soon unable to pay its debts, warns agency
Could Russia turn to China as sanctions bite?Could Russia turn to China as sanctions bite?