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What are the sanctions on Russia and are they hurting its economy? What are the sanctions on Russia and are they hurting its economy?
(4 months later)
Russia is reported to have missed a deadline to make a debt payment, because of sanctions imposed on it. The US has introduced new sanctions against Russia, after President Putin signed treaties to annex regions of Ukraine.
Since Russia invaded Ukraine a wide range of measures have been announced, to limit its ability to pay for the war. EU countries are also considering further sanctions, to limit Russia's ability to pay for war.
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 them 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.
How is Russia being sanctioned? What are the latest US and EU measures?
Western countries have targeted wealthy individuals, banks, businesses and state-owned enterprises. The US is imposing sanctions on 278 members of Russia's parliament, for enabling the referendums to annex four regions of Ukraine. It is also targeting 14 people connected with its defence industries.
The US says it will also target organisations outside Russia which provide support for its military, or its annexation of Ukrainian territory.
A new round of sanctions, drawn up by the European Commission, proposes a further ban on Russian imports. It would also ban more hi-tech goods from being exported.
What sanctions have been imposed on Russia?
Financial measuresFinancial measures
Russia is believed to have defaulted on a debt for the first time since 1998, after missing a key deadline. Western nations are trying to limit Russia's access to money.
It has the money to make a $100m (£81m) payment, but sanctions made it impossible to do so. The US has barred Russia from making debt payments using foreign currency held in US banks.
It follows a series of measures taken against its financial institutions. Major Russian banks have been removed from the international financial messaging system Swift. This has delayed payments to Russia for its oil and gas exports.
The US 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 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.
Russia's central bank assets have been frozen, to stop it using the $630bn (£470bn) of reserves it has in foreign currencies.
Major Russian banks have been removed from the international financial messaging system Swift, which will delay payments to Russia for its oil and gas exports.
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.
Russia's economy buckles up for a bumpy rideRussia's economy buckles up for a bumpy ride
Oil and gasOil and gas
Russia is thought to have earned nearly $100bn (£82.3bn) from oil and gas exports during the first 100 days of the war. Western nations have announced these sanctions:
Sanctions targeting its exports have been announced: The European Union (EU) will ban imports of Russian oil brought in by sea from December
The European Union (EU) says it will ban all imports of oil brought in by sea from Russia by the end of 2022 The EU will ban all imports of refined oil products from Russia in February 2023
The US is banning all Russian oil and gas importsThe US is banning all Russian oil and gas imports
The UK will phase out Russian oil imports by the end of 2022 The UK will phase out Russian oil by the end of 2022. It no longer imports Russian gas
Germany has frozen plans for the opening of a major gas pipeline from Russia Germany has frozen plans for the opening of the Nordstream 2 gas pipeline from Russia
The EU said it will halt Russian coal imports by August The EU has stopped importing Russian coal
The EU is less keen to impose sanctions on Russian gas, because it relies on it for about 40% of its gas needs. From December, the EU and G7 also want to cap the price countries pay for Russian oil.
In March, it said it would reduce gas imports by two-thirds within a year, but has not agreed further action. They are telling importers of Russian crude oil that western insurers will not cover oil shipments if they pay more than the cap.
The EU has not imposed sanctions on Russian gas, because it relies on it for about 40% of its gas needs.
Can the world cope without Russian oil and gas?Can the world cope without Russian oil and gas?
Targeting individualsTargeting individuals
The US, EU, UK and other countries have sanctioned more than 1,000 Russian individuals and businesses. These include wealthy business leaders - the so-called oligarchs - considered close to the Kremlin, including former Chelsea FC owner Roman Abramovich. The US, EU, UK and other countries have sanctioned more than 1,000 Russian individuals and businesses - including so-called oligarchs.
These are wealthy business leaders who are thought to be close to the Kremlin, such as former Chelsea FC owner Roman Abramovich.
Roman Abramovich is the former owner of Chelsea FCRoman Abramovich is the former owner of Chelsea FC
Superyachts linked to sanctioned Russians are also being targeted. Assets belonging to President Putin and Foreign Minister Sergei Lavrov have been frozen in the US, EU, UK and Canada.
Russian government officials and family members have also been sanctioned. Assets belonging to President Putin and Foreign Minister Sergei Lavrov are being frozen in the US, EU, UK and Canada. Superyachts linked to sanctioned Russians have been seized.
The UK has also stopped the sale of "golden visas", which allowed wealthy Russians to get British residency rights. In New York, Russian aluminium magnate Oleg Deripaska has been charged with violating US sanctions.
What other sanctions have been imposed? The UK has stopped the sale of "golden visas", which allowed wealthy Russians to get British residency rights.
Other measures include: What other sanctions have been imposed on goods and services?
Measures include:
A ban on the export of dual-use goods - items with both a civilian and military purpose, such as vehicle parts - by the UK, EU and USA ban on the export of dual-use goods - items with both a civilian and military purpose, such as vehicle parts - by the UK, EU and US
A ban on all Russian flights from US, UK, EU and Canadian airspaceA ban on all Russian flights from US, UK, EU and Canadian airspace
An import ban on Russian goldAn import ban on Russian gold
A ban on the export of luxury goods to RussiaA ban on the export of luxury goods to Russia
The UK has imposed a 35% tax on some imports, including vodkaThe UK has imposed a 35% tax on some imports, including vodka
Many international companies have either suspended trading in Russia, or withdrawn altogether. They include McDonalds, Coca-Cola, Starbucks, and Marks & Spencer. Many international companies have either suspended trading in Russia, or withdrawn altogether.
Are the sanctions hurting Russia? Are sanctions hurting Russia?
A deep recession is expected and Russia's economy is expected to shrink by 10% in 2022. Russia's ability to fund the war has been helped by high oil and gas prices.
Supermarket shelves in Moscow are still pretty full, BBC Russia editor Steve Rosenberg reports, although some imported items are no longer available. David Fyfe, chief economist at research organisation Argus Media, says its crude oil revenues rose 41% over the past year.
International sanctions would have caused economic collapse if they'd come out of nowhere, Chris Weafer of Macro Advisory in Moscow told the BBC. But because Russia has experienced sanctions since 2014, it has been able to make some adjustments. "Oil sales make up 40% of Russia's total exports, and so they are helping greatly to fund the war," he says.
However, Mr Fyfe says sanctions are weakening Russia in other ways, "especially by blocking its access to the hi-tech components that its military sector needs".
How has Russia reacted?How has Russia reacted?
Russia has banned exports of more than 200 products, including telecoms, medical, vehicle, agricultural, electrical equipment and timber. Russia has banned exports of more than 200 goods, including telecoms, medical, vehicle, agricultural, electrical equipment and timber products.
It is blocking interest payments to foreign investors with government bonds, and banning Russian firms from paying overseas shareholders. It is blocking interest payments to foreign holders of government bonds, and banning Russian firms from paying overseas shareholders.
And it has stopped foreign investors who hold billions of dollars worth of Russian investments from selling them.And it has stopped foreign investors who hold billions of dollars worth of Russian investments from selling them.