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Ukraine: What sanctions are being imposed on Russia? Ukraine: What sanctions are being imposed on Russia?
(1 day later)
Western nations have imposed severe sanctions on Russia following its invasion of Ukraine. Western nations are imposing increasingly severe sanctions on Russia following its invasion of Ukraine.
The measures are designed to cripple Russia's economy and punish its government for taking military action.The measures are designed to cripple Russia's economy and punish its government for taking military action.
What is a sanction?What is a sanction?
A sanction is a penalty imposed by one country on another, often in order to stop it acting aggressively or breaking international law.A sanction is a penalty imposed by one country on another, often in order to stop it acting aggressively or breaking international law.
Sanctions are often designed to hurt a country's economy, or the finances of individual citizens such as leading politicians. They can include travel bans and arms embargoes. Sanctions are often designed to hurt a country's economy or the finances of individual citizens such as leading politicians. They can include travel bans and arms embargoes.
They are among the toughest measures nations can use, short of going to war.They are among the toughest measures nations can use, short of going to war.
What sanctions are Western nations imposing?What sanctions are Western nations imposing?
The EU, UK, US and their allies increased sanctions against Russia on Saturday. Measures include: Swift
Removing selected Russian banks from the Swift messaging system. The aim is to cut them off from the international financial system and "harm their ability to operate globally" The European Union, US, UK and allies have agreed to remove selected Russian banks from the Swift messaging system, which enables the smooth transfer of money across borders.
Freezing the assets of Russia's central bank, to limit Russia's ability to access its overseas reserves The action is aimed at cutting Russia off from the international financial system and to "harm their ability to operate globally".
Limiting the sale of citizenship via "golden passports", which allow wealthy Russians to become citizens What is Swift and why is banning Russia so significant?
Launching a transatlantic task force to identify and freeze the assets of sanctioned individuals and companies
Targeting more "officials and elites close to the Russian government, as well as their families"
Taking action against disinformation
A series of other sanctions had already been announced.
Both the UK and the EU said they planned to sanction Russian President Vladimir Putin and foreign minister Sergei Lavrov.
The UK also announced:
all major Russian banks to have their assets frozen and be excluded from the UK financial system
laws to stop major Russian companies and the state raising finance or borrowing money on UK markets
Russia's Aeroflot airline will be banned from the UK
export licences suspended for dual-use items which can be used for military purposes
a stop to exports of high-tech items and oil refinery equipment
a limit on deposits Russians can make to UK bank accounts
EU nations sanctions also include:
targeting 70% of the Russian banking market and key state owned firms, including defence firms
targeting the energy sector with an export ban on materials Russia uses for oil refineries
banning the sale of aircraft and equipment to Russian airlines
limiting Russia's access to high-tech, such as semiconductors and software
US President Joe Biden announced measures against a series of banks and individuals. He said the US and allies would cut off more than half of Russia's high-tech imports to stop it developing its military capabilities
Germany has put on hold permission for the Nord Stream 2 gas pipeline from Russia to Germany to open.
Australia has imposed sanctions on wealthy Russians and over 300 members of the Russian parliament who voted to authorise sending Russian troops into Ukraine.
Japan is sanctioning Russian financial institutions and individuals and halting exports of goods such as semiconductors.
The UK, US and Australia are also imposing financial sanctions on Belarus for its role in the assault on Ukraine.
Why is Putin ordering troops into Ukraine?
Russia's plan to fight back against new sanctions
Russia loses Champions League final
Germany has blocked the Nord Stream 2 pipeline from Russia from coming into operation
How will these sanctions affect Russia?
A ban from Swift will delay the payments Russia gets for exports of oil and gas.A ban from Swift will delay the payments Russia gets for exports of oil and gas.
When Swift banned Iran in 2012 - under pressure from the US - that country lost almost half of its oil export revenues and 30% of foreign trade.
However, Russia could get paid through other systems - for example, China's Cross-Border Interbank Payment System.However, Russia could get paid through other systems - for example, China's Cross-Border Interbank Payment System.
What is Swift and why is banning Russia so significant? The ban will also affect companies owed money by Russia - and cause disruption to some countries' energy supplies.
Freezing the assets of Russia's central bank will limit its ability to access its overseas reserves. Russia's central bank
The measures taken against Russian financial institutions are intended to cause a big fall in the country's currency, the rouble, and a financial crisis. The Bank of Russia headquarters in Moscow
Its government might have to bail out the banking system, at great expense. However, it has built up reserves of over $630bn (£464bn) to deal with economic shocks. Western leaders have agreed to freeze the assets of Russia's central bank, to limit its ability to access its $630bn international dollar reserves.
The UK government has also threatened further action against Russian money in London financial institutions and banks. It has promised to push through long-delayed measures requiring people to say where their cash comes from. In co-ordination with the US and the EU, the UK government has also banned British people and businesses from making transactions with the Russian central bank, its finance ministry and its wealth fund.
Banning exports of high-tech goods to Russia - such as semiconductor microchips - could affect Russia's defence and aerospace sectors and industries such as car production. Russia central bank urges calm amid cash run fears
How much Russian money is there in the UK? Targeting a central bank of a G20 nation is unprecedented and designed to "push the whole of Russia in to as deep a recession as possible, with the added chaos of bank runs", says BBC economics editor Faisal Islam.
After its currency, the rouble, slumped by 30% against the US dollar, Russia has more than doubled its key interest rate in an attempt to stem the decline.
Other financial measures
State-owned Sberbank is one of the biggest Russian banks
On top of action on the Swift system and Russia's central bank, all major Russian banks are having their assets frozen and being excluded from the UK financial system. This stops them from accessing sterling and clearing payments through the UK.
The UK has also announced laws to stop major Russian companies and the state raising finance or borrowing money on UK markets, and placed a limit on deposits Russians can make to UK bank accounts.
EU measures have been announced targeting 70% of the Russian banking market and key state-owned firms, including defence firms.
Exports to Russia
The UK, EU, US and other countries have announced curbs on products that can be sent to Russia. These include dual-use goods, which are items that could have both a civilian and military use, like high-tech items, chemicals or lasers.
The EU is aiming to make it impossible for Russia to upgrade its oil refineries with an export ban on certain materials. It is also banning the sale of aircraft and equipment to Russian airlines in an attempt to damage its economy and connectivity.
Targeting individuals
Western government have also imposed sanctions on some individuals.
These include Russian President Vladimir Putin and his Foreign Minister Sergei Lavrov, whose assets in the US, EU, UK and Canada will be frozen and, in the case of the US, a travel ban imposed.
The EU, UK, US and Canada have launched a transatlantic task force to identify and freeze the assets of sanctioned individuals and companies, targeting more "officials and elites close to the Russian government, as well as their families".
The UK is limiting the sale of citizenship via "golden passports", which allow wealthy Russians to become citizens.
Who is not on the UK sanctions list?
West orders sanctions on Russia's Putin and Lavrov
Other measures
Germany has blocked the Nord Stream 2 pipeline from Russia from coming into operation
The EU has announced a blanket ban on Russian flights. Russian aircraft are unable to land in, take off from or fly over any EU nation, meaning longer journey times, and have also been barred from UK airspace
The EU is also going to ban Russia's state-owned news outlets Sputnik and Russia Today
Germany has put on hold permission for the Nord Stream 2 gas pipeline from Russia to Germany to open
The UK, US and Australia are also imposing financial sanctions on Belarus for its role in the assault on Ukraine
What other sanctions could Russia face?What other sanctions could Russia face?
Western nations could also look at the option of blocking Russian oil and gas exports - which make up a fifth of Russia's economy and half of its earnings from exports.Western nations could also look at the option of blocking Russian oil and gas exports - which make up a fifth of Russia's economy and half of its earnings from exports.
As such, refusing to buy its oil and gas would be a very tough sanction. Refusing to buy its oil and gas would be a very tough sanction, but it would also be damaging to Western nations that rely on it.
However, it would also be damaging to Western nations that rely on it.
Russia supplies 26% of the EU's crude oil and 38% of its gas. Even a brief cut in gas supply would raise energy prices.Russia supplies 26% of the EU's crude oil and 38% of its gas. Even a brief cut in gas supply would raise energy prices.
Rossiya Bank is one of five banks sanctioned by BritainRossiya Bank is one of five banks sanctioned by Britain
How has Russia reacted to the sanctions?How has Russia reacted to the sanctions?
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's foreign ministry has threatened sanctions of its own against the West. This may include reducing or shutting off gas supplies to Europe.
British airlines have now been banned from Russian airspace or landing at Russian airports. British airlines have now been banned from Russian airspace or landing at Russian airports, and in a retaliatory move, Russia's biggest airline, Aeroflot, said on Sunday it would cancel all flights to European destinations until further notice.
Hitting the Russian banking sector is likely to damage firms which do business in Russia, or have assets in its banks, and the export ban on high-tech goods will hit many Western manufacturers.Hitting the Russian banking sector is likely to damage firms which do business in Russia, or have assets in its banks, and the export ban on high-tech goods will hit many Western manufacturers.