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What sanctions are being imposed on Russia over Ukraine invasion? What sanctions are being imposed on Russia over Ukraine invasion?
(4 days later)
Measures designed to damage the Russian economy following its invasion of Ukraine have been introduced by the US, UK and EU, among others. Measures designed to cripple Russia's financial system and hurt its wealthiest citizens have been introduced by nations opposed to its invasion of Ukraine.
In response, Russia has banned the export of some products. Russia has retaliated by banning the export of some 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.
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 sanctions have been imposed on Russia?What sanctions have been imposed on Russia?
Luxury goods, vodka and travel
Sending luxury goods to Russia - including vehicles, high-end fashion and art - is being banned by the UK and EU.
The UK will also put a 35% tax on some imports from Russia, including vodka.
A ban on the export of goods used by Russian firms is also being introduced by the UK, EU, US and others.
It includes dual-use goods - items with both a civilian and military purpose - including chemicals and lasers.
All Russian flights have been banned from US, UK, EU and Canadian airspace. The UK has also banned private jets chartered by Russians.
The G7 - an organisation of the seven richest nations - is stripping Russia of its "most favoured nation" status, which means it will lose many trading benefits.
Targeting individuals
The UK, EU and US have imposed sanctions on hundreds of members of the Russian regime, and wealthy business leaders known as oligarchs, who are considered close to the Kremlin.
The UK has put travel bans and asset freezes on former Russian president Dmitry Medvedev and defence minister Sergei Shoigu. Along with the EU and US, it has also imposed sanctions on 386 members of the Russian parliament.
The UK also sanctioned Chelsea FC owner Roman Abramovich.
Roman Abramovich was attempting to sell Chelsea FC
Assets belonging to Russian President Vladimir Putin and his foreign minister Sergei Lavrov are being frozen in the US, EU, UK and Canada.
The UK is limiting the sale of "golden visas", which allowed wealthy Russians to get British residency rights.
Oil and gasOil and gas
The US is banning all Russian oil and gas imports and the UK will phase out Russian oil 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.
US President Joe Biden said it targets "the main artery of Russia's economy".US President Joe Biden said it targets "the main artery of Russia's economy".
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".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 has 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?
Financial measuresFinancial measures
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: Western countries have frozen the assets of Russia's central bank, to stop it using its $630bn (£470bn) of foreign currency reserves. Other measures against it include:
suspension from the Bank for International Settlements - "the central bank for central banks" - to stop it using its servicessuspension 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 itThe US, EU and UK have banned people and businesses from dealings with it
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.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 systemmajor Russian banks excluded from the UK financial system
all Russian banks will have their assets frozen all Russian banks have had their assets frozen
the Russian state and major companies will not be able to raise finance or borrow money in the UK the Russian state and major companies are not be able to raise finance or borrow money in the UK
a limit will be placed on deposits Russians can make at UK banks a limit 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 individuals
Sanctions have been imposed on wealthy business leaders known as oligarchs, who are considered close to the Kremlin.
The UK has sanctioned seven Russian billionaires, including Chelsea FC owner Roman Abramovich. It has frozen their assets and restricted 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.
Roman Abramovich was attempting to sell Chelsea FC
Assets belonging to Russian President Vladimir Putin and his foreign minister Sergei Lavrov are being frozen in the US, EU, UK and Canada.
The UK is limiting the sale of "golden visas", which allowed wealthy Russians to get British residency rights.
Trade with Russia and travel
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 - 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.
All Russian flights have been banned from US, UK, EU and Canadian airspace. The UK has also banned private jets chartered by Russians.
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.
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.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.
Growing numbers of firms pull back from RussiaGrowing numbers of firms pull back from Russia
How has Russia reacted to sanctions?How has Russia reacted to 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.
It includes telecoms, medical, vehicle, agricultural, electrical equipment and timber.It includes telecoms, medical, vehicle, agricultural, electrical equipment and timber.
It has also more than doubled its key interest rate to try to stop the decline of the rouble.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 them.It has stopped foreign investors who hold billions of dollars worth of Russian stocks and bonds from selling them.
Russia has also warned that it could shut off gas supplies in response to oil sanctions.Russia has also warned that it could shut off gas supplies in response to oil sanctions.
Could Russia turn to China as sanctions bite?Could Russia turn to China as sanctions bite?