- The US treasury imposed full blocking sanctions on Sberbank, Russia’s largest state-owned bank, and AlfaBank, Russia’s largest private bank
- EU adopted the sixth package of sanctions, imposing a series of measures on Russia to curb the Russian aggression against Ukrainian independence. The sanction is mainly imposed on the major sectors targeting oil, banks, broadcasting, exports, and consulting services
- On September 30, 2022, Biden administration announced new economic sanctions in response to the Kremlin’s annexation of four regions of Ukraine
In a bid to cripple Russia’s economy, the US and its allies (EU, Canada, and the UK) have disconnected key sanctioned Russian banks from the global financial system SWIFT. Moreover, these nations/institution have agreed to prevent the Russian central bank from deploying its EUR640 billion of international reserves. The assets of the biggest Russian banks, including VTB, Bank Rossiya, and Promsvyazbank, have been hit with asset freezes and new business restrictions. Russia can no longer conduct transactions through the US and EU systems.
Several EU nations, Canada, and the UK have banned Russian planes from transiting through their air space and urging others to follow suit, ramping up pressure on President Vladimir Putin by seeking to isolate Moscow following its invasion of Ukraine.
Highlights of the Economic Sanctions on Russia
- The US imposed additional costs on Russia for its continued war against Ukraine and also imposed sanctions on nearly 5,000 Russians, including its top leadership and oligarchs
- The EU has banned the transport of goods by Russian and Belarusian road transport, exports of jet fuels, quantum computers, advanced semiconductors, high-end electronics, software, sensitive machinery, and transporting equipment worth £10 billion
- Japan expanded its measure to freeze the assets of an additional 70 Russian people and organizations to implement a ban on exports to 90 military-related organizations. Moreover, Japan banned new imports of Russian gold to harden the sanction pressure on Moscow
- The UK decided to freeze the assets of 92 entries (89 individuals and three entities)
- The Canadian Government announced a ban on sanctioned Russians from entering Canada. The export of targeted luxury goods to Russia, including alcoholic beverages, tobacco, some textile products and sportswear, footwear, luxury clothing and accessories, jewelry, kitchenware, and art is banned
- The Swiss government announced the introduction of sanctions against additional 30 individuals and seven entities in Russia due to the ongoing Russian-Ukrainian war
- Taiwan (Province of China) has announced its plans to join the US and its allies in imposing sanctions on Russia following its invasion of Ukraine. As the world's biggest contract chipmaker, Taiwan is expected to control the exports of cutting-edge technology and other hi-tech products to Russia
- The Australian Government announced a ban on the export of luxury goods to Russia, including wine, high-value cosmetics, and parts for luxury vehicles
- South Korea has imposed sanctions against Russia’s financial system by putting restrictions on transactions with major Russian banks and excluding them from the SWIFT payments system
- Singapore’s Ministry of Foreign Affairs announced a package of financial sanctions in a bid to constrain Russia’s capacity to conduct war against Ukraine. Financial institutions in Singapore will be prohibited
- South Korea has imposed sanctions against Russia’s financial system by putting restrictions on transactions with major Russian banks and excluding them from the SWIFT payments system