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What sanctions are being imposed on Russia over Ukraine invasion? What sanctions are being imposed on Russia over Ukraine invasion?
(24 days later)
The US and UK governments have announced further sanctions on Russia, following its invasion of Ukraine. The European Union has announced further proposed sanctions on Russia, including banning Russian oil imports by the end of this year.
The financial measures designed to damage Russia's economy and penalise President Putin, high-ranking officials, and people who have benefited from his regime. These are the latest in a series of financial measures by Western countries in response to the invasion of Ukraine.
They are designed to damage Russia's economy and penalise President Putin, high-ranking officials and those who have benefited from his regime.
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 are the latest sanctions to be imposed? What is the EU proposing?
Among the US's latest sanctions are: The planned sanctions, which have yet to be approved by EU members, include:
economic measures to ban new investment in Russia Phasing out EU imports of Russian oil crude oil in six months and refined products by the end of 2022
severe sanctions on two Russian financial institutions - Alfa Bank and Sberbank Disconnecting Russia's largest bank, Sberbank, and the Credit Bank of Moscow and the Russian Agricultural Bank from the international payments system Swift, used to transfer money across borders
sanctions on critical major state-owned enterprises Cutting off three of Russia's state-owned broadcasters from the EU on cable, satellite and the internet
sanctions on Russian government officials and their family members, including President Putin's adult children and relatives of Foreign Minister Sergei Lavrov Sanctioning 58 Russians, including those involved in war crimes in Bucha and the siege of Mariupol
Meanwhile the UK has imposed sanctions on Russia's largest bank, Sberbank, and committed to ending all imports of Russian coal and oil by the end of 2022. State-owned Sberbank is one of the biggest Russian banks
What else has been sanctioned? What sanctions are already in place?
Western countries have introduced increasingly widespread sanctions - targeting individuals, banks, businesses and major state-owned enterprises, and exports, among others.
Financial measures
Russia's central bank assets have been frozen, to stop it using its $630bn (£470bn) of foreign currency reserves.
This caused the rouble to fall 22% in value, pushing up the price of imported goods and leading to a 14% rise in Russia's inflation rate. The rouble has since recovered, but mainly due to measures by Moscow to prop it up.
The United States has barred Russia from making debt payments using the $600m it holds in US banks, making it harder for Russia to repay its international loans.
Major Russian banks have been removed from the international financial messaging system Swift,. This will delay payments to Russia for energy exports.
Swift links 11,000 banks and institutions in more than 200 countries
The UK has excluded key Russian banks from the UK financial system, frozen the assets of all Russian banks, barred Russian firms from borrowing money, and placed limits on deposits Russians can make at UK banks,
Russian energy
In addition to the new EU measures, the US is banning all Russian oil and gas imports and the UK will phase out Russian oil imports by the end of 2022.
Germany has frozen plans for the opening of the Nord Stream 2 gas pipeline from Russia.
The EU has also said it will halt Russian coal imports by this August.
Could the world survive without Russian oil and gas?
Targeting individuals
The US, EU, UK and other countries have together already sanctioned more than 1,000 Russian individuals and businesses, including:
Wealthy business leaders, so-called oligarchs, who are considered close to the Kremlin, including Chelsea FC owner Roman Abramovich.
Russian government officials and family members - including President Vladimir Putin's adult children and relatives of Foreign Minister Sergei Lavrov
Assets belonging to President Putin and Foreign Minister Sergei Lavrov are being frozen in the US, EU, UK and Canada
The UK has also stopped the sale of "golden visas", which allowed wealthy Russians to get British residency rights.
The hunt for superyachts of sanctioned Russians
Will new legal powers find Putin's loot?
What are companies doing?
More than 1,000 international companies have either suspended trading in Russia, or withdrawn altogether - including McDonald's, Coca-Cola and Starbucks.
Food giant Nestle has withdrawn some of its brands including KitKat and Nesquik, but says it will still sell "essential foods".
However, some brands including Marks and Spencer, Burger King, and hotel groups Marriott and Accor say they can't pull out because their businesses in Russia operate under complex franchise deals.
Military goods and mercenariesMilitary goods and mercenaries
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.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.
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.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.
FlightsFlights
All Russian flights have been banned from US, UK, EU and Canadian airspace.All Russian flights have been banned from US, UK, EU and Canadian airspace.
The UK has also banned private jets chartered by Russians.The UK has also banned private jets chartered by Russians.
Luxury goodsLuxury goods
The UK and the EU have banned the export of luxury goods to Russia - including vehicles, high-end fashion and art.The UK and the EU have banned the export of luxury goods to Russia - including vehicles, high-end fashion and art.
The UK has also imposed a 35% tax on some imports from Russia, including vodka.The UK has also imposed a 35% tax on some imports from Russia, including vodka.
Targeting individuals How has Russia reacted?
The US, EU and UK have together sanctioned more than 1,000 Russian individuals and businesses, including wealthy business leaders - so-called oligarchs - who are considered close to the Kremlin.
One high-profile oligarch sanctioned by the UK is 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 also being frozen in the US, EU, UK and Canada.
The UK has also stopped the sale of "golden visas", which allowed wealthy Russians to get British residency rights.
The hunt for superyachts of sanctioned Russians
Will new legal powers find Putin's loot?
Oil and gas
The US is banning all Russian oil and gas imports and the UK will phase out Russian oil imports by the end of 2022.
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.
Could the world survive without Russian oil and gas?
Financial measures
Western countries have frozen the assets of Russia's central bank, to stop it using its $630bn (£470bn) of foreign currency reserves.
This caused the value of the rouble to slump by 22%, which has pushed up the price of imported goods and led to a 14% rise in Russia's rate of inflation.
The rouble has since recovered - but largely due to measures to prop up the currency. Buyers of Russian gas have to pay in roubles and Moscow now requires Russian firms to convert most of their foreign profits into roubles.
The United States has barred Russia from making debt payments using the $600m it holds in US banks, making it harder for Russia to repay its international loans.
Credit ratings agency S&P has now declared Russia to be in "selective default" (this means a debtor has defaulted on a specific obligation but not its entire debt) after it attempted to make interest payments on roubles for two dollar-denominated bonds.
The agency said this was because investors were unlikely to be able to convert the roubles into dollars.
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:
major Russian banks excluded from the UK financial system
all Russian banks have had their assets frozen
the Russian state and major companies cannot raise finance or borrow money in the UK
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.
What are companies doing?
A growing number of international companies including McDonald's, Coca-Cola and Starbucks have suspended trading 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".
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 Russia
Who has expelled Russian diplomats?
Following the release of images of mass killings in Bucha, Germany announced it would expel 40 Russian diplomats.
Foreign minister Annalena Baerbock said the images showed "unbelievable brutality on the part of the Russian leadership and those who follow its propaganda."
France announced it would expel 35 Russian diplomats. Lithuania expelled the Russian ambassador.
These moves follow an earlier co-ordinated round of expulsions of Russian diplomats by several EU countries.
So far, nine EU countries and the US have together expelled over 250 Russian diplomats and embassy workers.
How has Russia reacted to the sanctions and expulsions?
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.
Former president Dmitri Medvedev said Russia is planning retaliation for its diplomats being expelled.
"It will be symmetrical and destructive for bilateral relations," he said.
Russia has banned exports of more than 200 products until the end of 2022, including 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.
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.
Could Russia turn to China as sanctions bite?Could Russia turn to China as sanctions bite?