Sanctions on Russia over the war in Ukraine - statistics & facts
Western countries imposed extensive sanctions on Russia in response to its invasion of Ukraine on February 24, 2022. European Union (EU) members, the U.S., the United Kingdom (UK), Australia, Switzerland, Japan, South Korea, and several other countries have placed restrictions to limit Russia's war financing capabilities and target those responsible for the invasion. The first EU sanctions package was announced on February 21, 2022, when the State Duma recognized Ukraine's Donetsk and Luhansk regions as independent. The EU has imposed a total of 14 packages as of June 2024. Russia has become the most sanctioned country by list-based measures.
Selected sanctions imposed on Russia
- Finance and services
- SWIFT ban for 10 Russian banks, including Sberbank.
- Asset freeze of the Central Bank.
- EU ban on providing several services to Russia, including crypto accounts, IT consultancy, and credit rating.
- EU and U.S. bans on investment in Russia's energy sector; the EU also prohibited investment in mining and quarrying.
- Asset freezes and travel bans for around 9,000 individuals and 1,800 companies.
- Trade
- G7 price cap on Russian crude oil and refined products. The EU banned imports of most refined products, seaborne crude oil, and coal, and the U.S. completely banned Russian fossil fuels. Germany suspended the certification of Nord Stream 2.
- G7, U.S., and EU bans on Russian gold imports. Russian diamonds were banned in the U.S. but not in the EU, where Belgium continued to import a significant volume of them.
- Export ban on high-tech goods, including products that could be used for military purposes, chips, and aircraft components.
- Export ban on luxury clothing, cars, and works of art.
- Transportation
- Closing air space for Russian aircraft.
- Ban for ships sailing under the Russian flag from entering EU ports.
- Other measures
- Revocation of most-favored nation (MFN) status at the World Trade Organization (WTO).
- Entry restrictions for Russians by the Baltic states, Poland, and Finland. The latter recorded a surge in border crossings after the mobilization was announced in Russia.
- EU ban on state-sponsored media RT and Sputnik.
- Suspension from participating in several cultural and sports events, such as UEFA and FIFA competitions and Eurovision.
