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What sanctions are being imposed on Russia over Ukraine invasion? What sanctions are being imposed on Russia over Ukraine invasion?
(8 days later)
The European Union has announced further proposed sanctions on Russia, including banning Russian oil imports by the end of this year. Marks & Spencer has become the latest international firm to pull out of Russia in the wake of Russia's invasion of Ukraine.
These are the latest in a series of financial measures by Western countries in response to the invasion of Ukraine. The move comes amid a series of financial measures by Western countries in response to the invasion, including a raft of new proposed sanctions by the EU.
They are designed to damage Russia's economy and penalise President Putin, high-ranking officials and those who have benefited from his regime.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 is the EU proposing?What is the EU proposing?
The planned sanctions, which have yet to be approved by EU members, include: The European Union's proposed sanctions on Russia have yet to be approved by EU members. These include:
Phasing out EU imports of Russian oil crude oil in six months and refined products by the end of 2022 Phasing out EU imports of Russian crude oil in six months and refined products by the end of 2022
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 bordersDisconnecting 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
Cutting off three of Russia's state-owned broadcasters from the EU on cable, satellite and the internetCutting off three of Russia's state-owned broadcasters from the EU on cable, satellite and the internet
Sanctioning 58 Russians, including those involved in war crimes in Bucha and the siege of MariupolSanctioning 58 Russians, including those involved in war crimes in Bucha and the siege of Mariupol
State-owned Sberbank is one of the biggest Russian banksState-owned Sberbank is one of the biggest Russian banks
What sanctions are already in place?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.Western countries have introduced increasingly widespread sanctions - targeting individuals, banks, businesses and major state-owned enterprises, and exports, among others.
Financial measuresFinancial measures
Russia's central bank assets have been frozen, to stop it using its $630bn (£470bn) of foreign currency reserves.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.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.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.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 countriesSwift 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,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 energyRussian 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.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.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. The EU has also said it will halt Russian coal imports by August.
Could the world survive without Russian oil and gas?Could the world survive without Russian oil and gas?
Targeting individualsTargeting individuals
The US, EU, UK and other countries have together already sanctioned more than 1,000 Russian individuals and businesses, including: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.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 LavrovRussian 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 CanadaAssets 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 UK has also stopped 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
Will new legal powers find Putin's loot?Will new legal powers find Putin's loot?
What are companies doing?What are companies doing?
More than 1,000 international companies have either suspended trading in Russia, or withdrawn altogether - including Coca-Cola and Starbucks. More than 1,000 international companies have either suspended trading in Russia, or withdrawn altogether - including McDonalds, Coca-Cola, Starbucks, and now Marks & Spencer.
McDonald's has now announced it is to permanently leave Russia, 30 years after setting up there, and is selling off its 850 restaurants there. The retail giant had earlier said its franchise arrangements stopped it from withdrawing completely - but now says it will fully exit Russia.
Food giant Nestle has withdrawn some of its brands including KitKat and Nesquik, but says it will still sell "essential foods". McDonald's is leaving Russia and selling off its 850 restaurants, 30 years after setting up there.
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. Food giant Nestle has withdrawn some of its brands including KitKat and Nesquik, but will still sell "essential foods".
However, some brands including Burger King, and hotel groups Marriott and Accor say they can't pull out because their businesses 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.
How has Russia reacted?How has Russia reacted?
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?