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What sanctions are being imposed on Russia over Ukraine invasion? What sanctions are being imposed on Russia over Ukraine invasion?
(about 16 hours later)
Measures designed to cripple Russia's financial system and hurt its wealthiest citizens have been introduced by nations opposed to its invasion of Ukraine. Measures designed to damage Russia's economy have been introduced by countries opposed to its invasion of Ukraine.
Russia has retaliated by banning the export of some products. This has led to higher prices for Russian households and shortages of some goods.
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 Military goods and mercenaries
Selling luxury goods to Russia - including vehicles, high-end fashion and art - is banned by the UK and EU. A ban on the export of dual-use goods - items with both a civilian and military purpose, such as vehicle parts - has been imposed by the UK, EU and US.
This is reportedly having an impact on some Russian manufacturers.
Ukraine says Russia's main armoured vehicle factory has run out of parts to make and repair tanks. It also says a tractor plant has stopped production because of a shortage of foreign-made parts.
The UK is also imposing sanctions on Russia's Wagner Group - a private military firm thought to function as an arms-length unit of the Russian military.
Flights
All Russian flights have been banned from US, UK, EU and Canadian airspace.
The UK has also banned private jets chartered by Russians.
Luxury goods
The UK says it will ban the export of luxury goods to Russia - including vehicles, high-end fashion and art. The EU has already imposed a ban.
The UK will also put a 35% tax on some imports from Russia, including vodka.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 individualsTargeting 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 US, EU and UK have together sanctioned over 1,000 Russian individuals and businesses, including 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. One high-profile oligarch sanctioned by the UK is Chelsea FC owner Roman Abramovich.
The UK also sanctioned Chelsea FC owner Roman Abramovich.
Roman Abramovich was attempting to sell Chelsea FCRoman Abramovich was attempting to sell Chelsea FC
Assets belonging to Russian President Vladimir Putin and his foreign minister Sergei Lavrov are also being frozen in the US, EU, UK and Canada.Assets belonging to Russian President Vladimir Putin and his foreign minister Sergei Lavrov are also being frozen in the US, EU, UK and Canada.
However, Russian billionaire Alisher Usmanov says he is no longer the legal owner of many of the properties which were targeted when he was added to the list of sanctioned individuals. However, many Russian oligarchs have put their properties and wealth under other names, which means they may be beyond the reach of the UK's sanctions.
This could mean these assets are beyond the reach of UK sanctions - and the same could be true for other oligarchs.
The government insists Mr Usmanov "cannot access his assets".
The UK is also limiting the sale of "golden visas", which allowed wealthy Russians to get British residency rights.The UK is also limiting the sale of "golden visas", which allowed wealthy Russians to get British residency rights.
The hunt for superyachts of sanctioned RussiansThe hunt for superyachts of sanctioned Russians
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 imports by the end of 2022.
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 foreign currency 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.
suspension from the Bank for International Settlements - "the central bank for central banks" - to stop it using its services This has caused the value of the rouble to slump by 22% since the start of the year. That, in turn, has pushed up the price of imported goods and led to a 14% rise in Russia's rate of inflation.
The US, EU and UK have banned people and businesses from dealing 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 to Russia 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 to Russia 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 have had their assets frozenall Russian banks have had their assets frozen
the Russian state and major companies are not be able to raise finance or borrow money in the UKthe Russian state and major companies are not be able to raise finance or borrow money in the UK
a limit placed on deposits Russians can make at UK banksa 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.
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.
Nestle has been criticised by Ukrainian politicians for continuing to operate in Russia
After facing fierce criticism for continuing to operate in Russia, Nestle has withdrawn some of its brands including KitKat and Nesquik, but will still sell "essential foods".After facing fierce criticism for continuing to operate in Russia, Nestle has withdrawn some of its brands including KitKat and Nesquik, but will still sell "essential foods".
However, a number of other Western brands including Marks and Spencer, Burger King, and hotel groups Marriott and Accor say they can't pull out from Russia because their businesses there operate under complex franchise deals.However, a number of other Western brands including Marks and Spencer, Burger King, and hotel groups Marriott and Accor say they can't pull out from Russia because their businesses there operate under complex franchise deals.
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's President Putin has said he will make "unfriendly" nations pay for their imports of Russian gas in roubles, which would push up the value of the currency.
It includes telecoms, medical, vehicle, agricultural, electrical equipment and timber. Russia has banned exports of more than 200 products until the end of 2022, including 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.
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.
Could Russia turn to China as sanctions bite?Could Russia turn to China as sanctions bite?