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Ukraine: What sanctions are being imposed on Russia? What sanctions are being imposed on Russia over Ukraine invasion?
(1 day later)
A growing number of international companies including McDonald's have suspended trading in Russia Measures designed to damage the Russian economy following its invasion of Ukraine have been introduced by the US, UK and EU, among others.
The US and UK are banning Russian oil, and the EU has pledged to end its reliance on Russian gas. In response, Russia has banned the export of some products.
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 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 sanctions have been imposed on Russia?
US President Joe Biden has banned all imports of Russian oil and gas. Oil and gas
The UK will phase out Russian oil imports by the end of 2022. The US is banning all Russian oil and gas imports and the UK will phase out Russian oil 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. US President Joe Biden said it targets "the main artery of Russia's economy".
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". The EU, which gets a quarter of its oil and 40% of its gas from Russia, says it will switch to alternative supplies and make Europe independent from Russian energy "well before 2030".
Germany had already put on hold permission for the Nord Stream 2 gas pipeline from Russia to open. Germany has 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 waters
What other sanctions have Western nations imposed?
Financial measuresFinancial measures
Western countries 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, to stop it using its $630bn (£470bn) of dollar reserves. Other measures against it include:
It has also been suspended from the central banks' organisation, the Bank for International Settlements - which central banks use to make transactions. suspension from the Bank for International Settlements - "the central bank for central banks" - to stop it using its services
The US, EU and UK have banned people and businesses from dealings with Russia's central bank, its finance ministry and its wealth fund. The US, EU and UK have banned people and businesses from dealings with it
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. Some Russian banks are being removed from the international financial messaging system Swift, which is used to transfer money across borders. This will delay payments Russia being paid for energy exports.
Other UK sanctions include:Other UK sanctions include:
major Russian banks excluded from the UK financial system, stopping them from accessing sterling or making payments major Russian banks excluded from the UK financial system
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 in the UKthe 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.The EU also said it would target 70% of the Russian banking market and key state-owned firms.
Targeting individualsTargeting individuals
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. Sanctions have been imposed on wealthy business leaders known as oligarchs, who are considered 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. The UK has sanctioned seven Russian billionaires, including Chelsea FC owner Roman Abramovich. It has frozen their assets and restricted their ability to travel.
The UK has sanctioned seven Russian billionaires, including Chelsea FC owner Roman Abramovich, freezing their assets and restricting their ability to travel. It has also imposed sanctions on 386 members of the Russian parliament, in line with action already taken by the EU and US.
The US has also targeted a similar list of oligarchs and officials, including business tycoon Alisher Usmanov. Roman Abramovich was attempting to sell Chelsea FC
Alisher Usmanov (right) with President Putin at the Kremlin in November 2018 Assets belonging to Russian President Vladimir Putin and his foreign minister Sergei Lavrov are being frozen in the US, EU, UK and Canada.
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 allowed wealthy Russians to get British residency rights.
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.
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. Restrictions on which products 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 purpose, such as chemicals or lasers. These include dual-use goods - items that could have both a civilian and military purpose - including chemicals and 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. All Russian flights have been banned from US, UK, EU and Canadian airspace. The UK has also banned private jets chartered by Russians.
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. Firms have acted because shareholders "wouldn't stand" for the continued generation of profits from Russia, says Anna MacDonald, a fund manager at Amati Global Investors.
Apple, Netflix, Zara, Mothercare, H&M and Jaguar Land Rover had already announced they would pause their activities. Growing numbers of firms pull back from Russia
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 sanctions?
How has Russia reacted to the sanctions? Russia has banned exports of more than 200 products until the end of 2022.
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 includes telecoms, medical, vehicle, agricultural, electrical equipment and timber.
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. It has also more than doubled its key interest rate to try to stop the decline of the rouble.
In addition it is blocking interest payments to foreign investors who hold government bonds, and banning Russian firms from paying overseas shareholders.In addition it is blocking interest payments to foreign investors who hold government bonds, and banning Russian firms from paying overseas shareholders.
It has stopped foreign investors who hold billions of dollars worth of Russian stocks and bonds from selling those assets. It has stopped foreign investors who hold billions of dollars worth of Russian stocks and bonds from selling them.
The EU is worried many wealthy Russians will convert their rouble savings into cryptocurrencies - such as Bitcoin - to get around the restrictions. Russia has also warned that it could shut off gas supplies in response to oil sanctions.
Many of the world's largest crypto exchanges are refusing to impose a blanket ban on Russian clients.
Russia has blocked British airlines from entering its airspace or landing at its 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?