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{{Short description|Sanctions after 2014 invasion of Crimea}}
{{About|the sanctions since 2014|details about the sanctions following the 2022 escalation|International sanctions during the Russian invasion of Ukraine}}
{{EngvarB|date=August 2014}}
{{Use dmy dates|date=December 2019}}

{{Campaignbox Russo-Ukrainian War}}

[[International sanctions]] have been imposed against [[Russia]] and [[Crimea]] during the [[Russo-Ukrainian War]] by a large number of countries, including the [[United States]], [[Canada]], the [[European Union]], and [[international organisations]] following the [[Annexation of Crimea by the Russian Federation|Russian annexation of Crimea]], which began in late February 2014. [[Belarus]] has also been sanctioned for its cooperation with and assistance to Russian armed forces.<ref>{{cite web |date=1 March 2022 |title=UK announces first wave of sanctions against Belarus |url=https://www.theguardian.com/world/2022/mar/01/uk-announces-first-wave-of-sanctions-against-belarus |access-date=3 March 2022 |website=[[The Guardian]] |language=en |archive-date=3 March 2022 |archive-url=https://web.archive.org/web/20220303031738/https://www.theguardian.com/world/2022/mar/01/uk-announces-first-wave-of-sanctions-against-belarus |url-status=live }}</ref> The sanctions were imposed against individuals, businesses, and officials from Russia and [[Ukraine]].<ref>{{cite journal |last1=Overland |first1=Indra |last2=Fjaertoft |first2=Daniel |date=August 2015 |title=Financial Sanctions Impact Russian Oil, Equipment Export Ban's Effects Limited |url=https://www.researchgate.net/publication/281776234 |url-status=live |journal=[[Oil and Gas Journal]] |volume=113 |issue=8 |pages=66–72 |archive-url=https://web.archive.org/web/20180222044555/https://www.researchgate.net/publication/281776234_Financial_Sanctions_Impact_Russian_Oil_Equipment_Export_Ban%27s_Effects_Limited |archive-date=22 February 2018 |access-date=3 March 2022 |via=ResearchGate}}
</ref> Russia responded with sanctions against several countries, including a total ban on food imports from [[Australia]], [[Canada]], [[Norway]], [[Japan]], the [[United States]], the [[EU]] and the [[United Kingdom]].<ref>{{Cite news |last=Barlow |first=Karen |date=2014-08-07 |title=Russia bans food imports from Australia, US, EU |language=en-AU |work=ABC News |url=https://www.abc.net.au/news/2014-08-07/russia-bans-food-imports-from-australia-us-eu/5656434 |access-date=2023-05-18}}</ref>

The sanctions contributed to the [[Russian ruble#Exchange rates|collapse of the Russian ruble]] and worsened the [[economic impact of the 2022 Russian invasion of Ukraine]].<ref>{{Cite journal |last1=Walker |first1=Shaun |last2=Nardelli |first2=Alberto |date=18 January 2015 |title=Russia's rouble crisis poses threat to nine countries relying on remittances |url=https://www.theguardian.com/world/2015/jan/18/russia-rouble-threat-nine-countries-remittances |url-status=live |archive-url=https://web.archive.org/web/20220312185424/https://www.theguardian.com/world/2015/jan/18/russia-rouble-threat-nine-countries-remittances |archive-date=2022-03-12 |access-date=3 March 2022 |website=[[The Guardian]] |doi=10.1787/888933417929}}</ref> They also caused economic damage to the [[EU economy]], with total losses estimated at €100 billion ({{as of|2015|lc=y}}).<ref name="newsweek">
{{cite news|last=Sharkov|first=Damien|url=http://europe.newsweek.com/russian-sanctions-could-cost-europe-100-billion-328999|title=Russian sanctions to 'cost Europe €100bn'|work=Newsweek|date=19 June 2015|access-date=1 November 2017|archive-url=https://web.archive.org/web/20170602183322/http://europe.newsweek.com/russian-sanctions-could-cost-europe-100-billion-328999|archive-date=2 June 2017|url-status=live}}
</ref> {{As of|2014}}, Russia's finance minister announced that the sanctions had cost Russia $40 billion, with another $100 billion loss in 2014 due to decrease in the [[price of oil]] the same year.<ref>Smith, Geoffrey. [http://fortune.com/2014/11/24/finance-minister-oil-slump-sanctions-cost-russia-140-billion-a-year/ "Finance Minister: oil slump, sanctions cost Russia $140 billion a year."] {{Webarchive|url=https://web.archive.org/web/20201219081005/https://fortune.com/2014/11/24/finance-minister-oil-slump-sanctions-cost-russia-140-billion-a-year/ |date=19 December 2020 }} 24 November 2014.</ref> Following sanctions imposed in August 2018, economic losses incurred by Russia amounted to around 0.5–1.5% in foregone GDP growth.<ref>{{Cite web |title=EU-Russia sanctions exchange has had important economic and political consequences (news article) |url=https://wiiw.ac.at/n-365.html |access-date=2023-05-18 |website=wiiw.ac.at |language=en}}</ref>

{{as of|June 2023}}, sanctions by the [[European Union]] and [[United States]] continue to be in effect.<ref>{{cite web|title=EU Sanctions Map |url=https://www.sanctionsmap.eu/#/main/details/26/?filters=%7B%22adopted_by.id%22:%7B%221%22:false%7D,%22category.id%22:%7B%7D,%22country.code%22:%7B%22AF%22:false,%22BY%22:false,%22BA%22:false,%22BI%22:false,%22CF%22:false,%22CN%22:false,%22KP%22:false,%22CD%22:false,%22GN%22:false,%22GW%22:false,%22HT%22:false,%22IR%22:false,%22IQ%22:false,%22LB%22:false,%22LY%22:false,%22ML%22:false,%22MD%22:false,%22ME%22:false,%22MM%22:false,%22NI%22:false,%22RU%22:true,%22RS%22:false,%22SO%22:false,%22SS%22:false,%22SD%22:false,%22SY%22:false,%22TN%22:false,%22TR%22:false,%22UA%22:true,%22US%22:false,%22VE%22:false,%22YE%22:false,%22ZW%22:false%7D,%22measures.type.id%22:%7B%222%22:false,%223%22:false,%224%22:false,%227%22:false,%228%22:false,%2211%22:false,%2217%22:false,%2220%22:false,%2225%22:false,%2228%22:false%7D%7D&search=%7B%22value%22:%22%22,%22searchType%22:%7B%7D%7D |access-date=19 February 2022 |website=www.sanctionsmap.eu |archive-date=19 August 2020 |archive-url=https://web.archive.org/web/20200819102125/https://sanctionsmap.eu/#/main/details/26/?filters=%7B%22adopted_by.id%22:%7B%221%22:false%7D,%22category.id%22:%7B%7D,%22country.code%22:%7B%22AF%22:false,%22BY%22:false,%22BA%22:false,%22BI%22:false,%22CF%22:false,%22CN%22:false,%22KP%22:false,%22CD%22:false,%22GN%22:false,%22GW%22:false,%22HT%22:false,%22IR%22:false,%22IQ%22:false,%22LB%22:false,%22LY%22:false,%22ML%22:false,%22MD%22:false,%22ME%22:false,%22MM%22:false,%22NI%22:false,%22RU%22:true,%22RS%22:false,%22SO%22:false,%22SS%22:false,%22SD%22:false,%22SY%22:false,%22TN%22:false,%22TR%22:false,%22UA%22:true,%22US%22:false,%22VE%22:false,%22YE%22:false,%22ZW%22:false%7D,%22measures.type.id%22:%7B%222%22:false,%223%22:false,%224%22:false,%227%22:false,%228%22:false,%2211%22:false,%2217%22:false,%2220%22:false,%2225%22:false,%2228%22:false%7D%7D&search=%7B%22value%22:%22%22,%22searchType%22:%7B%7D%7D |url-status=live}}</ref><ref>{{cite web |date=n.d. |title=Ukraine-/Russia-related Sanctions |url=https://home.treasury.gov/policy-issues/financial-sanctions/sanctions-programs-and-country-information/ukraine-russia-related-sanctions |url-status=live |archive-url=https://web.archive.org/web/20220223052332/https://home.treasury.gov/policy-issues/financial-sanctions/sanctions-programs-and-country-information/ukraine-russia-related-sanctions |archive-date=23 February 2022 |access-date=19 February 2022 |website=U.S. Department of the Treasury |language=en}}</ref> In January 2022, the EU announced the latest extension of sanctions until 31 July 2022.<ref>{{cite web|title=Russia: EU renews economic sanctions over the situation in Ukraine for further six months |url=https://www.consilium.europa.eu/en/press/press-releases/2022/01/13/russia-eu-renews-economic-sanctions-over-the-situation-in-ukraine-for-further-six-months/ |access-date=19 February 2022 |website=www.consilium.europa.eu |language=en|archive-date=19 February 2022 |archive-url=https://web.archive.org/web/20220219124841/https://www.consilium.europa.eu/en/press/press-releases/2022/01/13/russia-eu-renews-economic-sanctions-over-the-situation-in-ukraine-for-further-six-months/ |url-status=live}}</ref> Following [[2022 Russian invasion of Ukraine|Russia's invasion of Ukraine]] in February 2022, the United States, the EU,<ref name=":4">{{cite web |last1=Melander |first1=Ingrid |last2=Gabriela |first2=Baczynska |date=24 February 2022 |title=EU targets Russian economy after 'deluded autocrat' Putin invades Ukraine |url=https://www.reuters.com/world/europe/eu-launch-new-sanctions-against-russia-over-barbaric-attack-ukraine-2022-02-24/ |access-date=26 February 2022 |website=[[Reuters]] |archive-date=26 February 2022 |archive-url=https://web.archive.org/web/20220226002323/https://www.reuters.com/world/europe/eu-launch-new-sanctions-against-russia-over-barbaric-attack-ukraine-2022-02-24/ |url-status=live }}</ref> and other countries<ref name=":5">{{cite news |date=25 February 2022 |title=Western Countries Agree To Add Putin, Lavrov To Sanctions List |newspaper=Radiofreeeurope/Radioliberty |url=https://www.rferl.org/a/eu-sanctions-putin-lavrov/31723682.html |access-date=26 February 2022 |archive-date=26 February 2022 |archive-url=https://web.archive.org/web/20220226005425/https://www.rferl.org/a/eu-sanctions-putin-lavrov/31723682.html |url-status=live }}</ref> [[International sanctions during the 2022 Russian invasion of Ukraine|introduced or significantly expanded sanctions]] to include Vladimir Putin and other government officials.<ref>{{cite web |last1=Holland |first1=Steve |last2=Chalmers |first2=John |last3=Psaledakis |first3=Daphne |date=26 February 2022 |title=U.S., allies target 'fortress Russia' with new sanctions, including SWIFT ban |url=https://www.reuters.com/world/europe/eu-announces-new-russia-sanctions-with-us-others-including-swift-2022-02-26/ |access-date=26 February 2022 |website=[[Reuters]] |archive-date=26 February 2022 |archive-url=https://web.archive.org/web/20220226221858/https://www.reuters.com/world/europe/eu-announces-new-russia-sanctions-with-us-others-including-swift-2022-02-26/ |url-status=live }}</ref> They also cut off selected Russian banks from [[SWIFT]].<ref>{{cite news |last1=Collins |first1=Kaitlan |last2=Mattingly |first2=Phil |last3=Liptak |first3=Kevin |last4=Judd |first4=Donald |date=26 February 2022 |title=White House and EU nations announce expulsion of 'selected Russian banks' from SWIFT |url=https://www.cnn.com/2022/02/26/politics/biden-ukraine-russia-swift/index.html |access-date=26 February 2022 |website=[[CNN]] |archive-date=26 February 2022 |archive-url=https://web.archive.org/web/20220226180423/https://www.cnn.com/2022/02/26/politics/biden-ukraine-russia-swift/index.html |url-status=live }}</ref> The [[2022 boycott of Russia and Belarus]] triggered the [[2022 Russian financial crisis]].

== Background ==
{{main|2014 pro-Russian unrest in Ukraine|Russian military intervention in Ukraine (2014–present)|Annexation of Crimea by the Russian Federation|War in Donbass}}
Before the eruption of the Crimean crisis and the War in Donbass, tensions already existed between Russia and the United States over human rights issues. In December 2012, the US enacted the ''[[Magnitsky Act]]'', intended to punish Russian officials responsible for the death of Russian tax accountant [[Sergei Magnitsky]] in a Moscow prison in 2009 by prohibiting their entry to the US and use of its banking system.<ref name=WP2012>{{cite news|url=https://www.washingtonpost.com/world/europe/us-passes-magnitsky-bill-aimed-at-russia/2012/12/06/262a5bba-3fd5-11e2-bca3-aadc9b7e29c5_story.html |title=Russia fumes as the U.S. Senate passes the Magnitsky law aimed at human rights |date=6 December 2012 |access-date=11 December 2012 |newspaper=[[Washington Post]] |first1=Kathy |last1=Lally |first2=Will |last2=Englund |archive-url=https://web.archive.org/web/20180201214824/https://www.washingtonpost.com/world/europe/us-passes-magnitsky-bill-aimed-at-russia/2012/12/06/262a5bba-3fd5-11e2-bca3-aadc9b7e29c5_story.html |archive-date=1 February 2018 |url-status=live}}
</ref> 18 individuals were originally affected by the Act. In December 2016, Congress enacted the ''Global Magnitsky Act'' to allow the US Government to sanction foreign government officials implicated in human rights abuses anywhere in the world.<ref name=HRW>{{cite web|title=The US Global Magnitsky Act: Questions and Answers |url=https://www.hrw.org/news/2017/09/13/us-global-magnitsky-act |website=[[Human Rights Watch]]|access-date=27 November 2017 |date=13 September 2017 |archive-url=https://web.archive.org/web/20180117064801/https://www.hrw.org/news/2017/09/13/us-global-magnitsky-act |archive-date=17 January 2018 |url-status=live}}</ref> On 21 December 2017, 13 additional names were added to the list of sanctioned individuals, not just Russians. Other countries passed similar laws to ban foreigners deemed guilty of human rights abuses from entering their countries.

In response to the [[annexation of Crimea by the Russian Federation]] and the [[2022 Russian invasion of Ukraine]], some governments and international organisations, led by the [[United States]] and [[European Union]], imposed sanctions on Russian individuals and businesses. As the unrest expanded into other parts of [[Eastern Ukraine]], and later escalated into the ongoing [[War in Donbas (2014–2022)|war in the Donbass region]], the scope of the sanctions increased.<ref name="Springer">{{Cite book|url=https://www.researchgate.net/publication/322158372|title=Did China Bankroll Russia's Annexation of Crimea? The Role of Sino-Russian Energy Relations|last1=Overland|first1=Indra|last2=Kubayeva|first2=Gulaikhan|date=1 January 2018|isbn=9783319697895|pages=95–118|publisher=Springer |access-date=26 March 2018|archive-url=https://web.archive.org/web/20180214202629/https://www.researchgate.net/publication/322158372|archive-date=14 February 2018|url-status=live}}</ref>

Overall, three types of sanctions were imposed: ban on provision of technology for oil and gas exploration, ban on provision of credits to Russian oil companies and state banks, travel restrictions on the influential Russian citizens close to President Putin and involved in the annexation of Crimea.<ref name="Springer"/> The [[Russian government]] responded in kind, with sanctions against some Canadian and American individuals and, in August 2014, with a total ban on food imports from the European Union, United States, Norway, Canada and Australia.<ref>{{cite news|url=https://www.bbc.com/news/world-europe-28687172|title=Russia hits West with food import ban in sanctions row|website=[[BBC Online]]|date=7 August 2014|access-date=27 February 2022|archive-date=7 January 2022|archive-url=https://web.archive.org/web/20220107015819/https://www.bbc.com/news/world-europe-28687172|url-status=live}}</ref>

As of December 2023, the Russian nuclear industry remained exempt from sanctions and the national nuclear company Rosatom remained the largest actor in the international market for nuclear reactor construction (also playing key roles in nuclear fuel supplies, nuclear equipment supplies, and handling nuclear waste).<ref>{{Cite journal |last1=Szulecki |first1=Kacper |last2=Overland |first2=Indra |date=April 2023 |title=Russian nuclear energy diplomacy and its implications for energy security in the context of the war in Ukraine |url=https://www.nature.com/articles/s41560-023-01228-5 |journal=Nature Energy |language=en |volume=8 |issue=4 |pages=413–421 |doi=10.1038/s41560-023-01228-5 |bibcode=2023NatEn...8..413S |s2cid=257239333 |issn=2058-7546|doi-access=free |hdl=11250/3106595 |hdl-access=free }}</ref>

On 23 February 2024, the U.S. imposed trade restrictions on 93 entities for their assistance to Russia's war effort in Ukraine, including 63 from Russia, 16 from Turkey, 8 from China and 4 from the UАЕ. The UАЕ-based Crynofist Aviation was also targeted, which provides spare parts for airplanes.<ref>{{Cite news |last1=Freifeld |first1=Karen |last2=Heavey |first2=Susan |date=2024-02-23 |title=US targets dozens of entities from China, UАЕ and Turkey for helping Russia |language=en |work=Reuters |url=https://www.reuters.com/world/us-places-export-restrictions-93-entities-russia-china-uae-turkey-others-2024-02-23/ |access-date=2024-02-28}}</ref> Additionally, the U.S. imposed more than 500 sanctions on moscow and its accomplices for funding the war and for the death of Russian opposition leader Alexei Navalny.<ref>{{Cite news |last1=K. Crawford |first1=Shannon |last2=Gomez |first2=Justin |date=2024-02-23 |title=US imposes 'crushing' sanctions on Russia 2 years after Ukraine invasion |language=en |work=ABC News |url=https://abcnews.go.com/International/us-impose-500-sanctions-russia-parties/story?id=107464889 |access-date=2024-02-28}}</ref>

== Sanctions against Russian and Ukrainian individuals, companies and officials ==
{{main|List of people sanctioned during the Russo-Ukrainian War}}
Sanctioned individuals include notable and high-level central government personnel and businessmen on all sides. In addition, companies suggested for possible involvement in the controversial issues have also been sanctioned.

=== {{anchor|First}} First round: March/April 2014 ===
On 6 March 2014, [[President of the United States|U.S. president]] [[Barack Obama]], invoking, ''inter alia'', the ''[[International Emergency Economic Powers Act]]'' and the ''[[National Emergencies Act]]'', signed an [[executive order]] declaring a [[national emergency]] and ordering sanctions, including travel bans and the freezing of U.S. assets, against not-yet-specified individuals who had "asserted governmental authority in the [[Crimea]]n region without the authorization of the Government of Ukraine" and whose actions were found, ''inter alia'', to "undermine democratic processes and institutions in Ukraine".<ref>[https://obamawhitehouse.archives.gov/the-press-office/2014/03/06/executive-order-blocking-property-certain-persons-contributing-situation Executive Order – Blocking Property of Certain Persons Contributing to the Situation in Ukraine] {{Webarchive|url=https://web.archive.org/web/20170123153816/https://obamawhitehouse.archives.gov/the-press-office/2014/03/06/executive-order-blocking-property-certain-persons-contributing-situation |date=23 January 2017 }} The White House, 6 March 2014.</ref><ref>{{cite news|url=https://www.reuters.com/article/ukraine-crisis-obama-idUSL1N0M30XQ20140306 |title=UPDATE 4-Obama warns on Crimea, orders sanctions over Russian moves in Ukraine |work=[[Reuters]] |date=6 March 2014 |access-date=21 January 2015 |first=Steve |last=Holland |archive-url=https://web.archive.org/web/20150118163947/http://www.reuters.com/article/2014/03/06/ukraine-crisis-obama-idUSL1N0M30XQ20140306 |archive-date=18 January 2015 |url-status=live |df=dmy-all}}</ref>

On 17 March 2014, the United States, the European Union, and [[Canada]] introduced specifically targeted sanctions,<ref name="1EurList">{{cite web|url=http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2014:078:0016:0021:EN:PDF |title=COUNCIL DECISION 2014/145/CFSP of 17 March 2014 concerning restrictive measures in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine |format=PDF |publisher=Official Journal of the European Union |date=17 March 2014 |access-date=21 January 2015 |archive-url=https://web.archive.org/web/20140320175509/http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2014:078:0016:0021:EN:PDF |archive-date=20 March 2014 |url-status=live |df=dmy-all}}</ref><ref>{{cite news|url=https://www.nytimes.com/2014/03/18/world/europe/us-imposes-new-sanctions-on-russian-officials.html?hp&_r=0|date=17 March 2014|title=U.S. and Europe Step Up Sanctions on Russian Officials |work=[[The New York Times]] |access-date=18 January 2015 |archive-url=https://web.archive.org/web/20141124180946/http://www.nytimes.com/2014/03/18/world/europe/us-imposes-new-sanctions-on-russian-officials.html?hp&_r=0 |archive-date=24 November 2014 |url-status=live |df=dmy-all}}</ref><ref>{{cite web|url=http://www.pm.gc.ca/eng/news/2014/03/17/sanctions-list |title=Sanctions List |work=Prime Minister of Canada Stephen Harper |date=17 March 2014 |access-date=21 January 2015 |archive-url=https://web.archive.org/web/20150118164344/http://www.pm.gc.ca/eng/news/2014/03/17/sanctions-list |archive-date=18 January 2015 |url-status=dead}}</ref> the day after the disputed [[2014 Crimean status referendum|Crimean referendum]] and a few hours before Russian president [[Vladimir Putin]] signed a decree recognizing Crimea as an independent state, laying the groundwork for its [[annexation of Crimea by the Russian Federation|annexation of Crimea by Russia]]. The principal EU sanction aimed to "prevent the entry into ... their territories of the natural persons responsible for actions which undermine ... the territorial integrity ... of Ukraine, and of natural persons associated with them, as listed in the Annex".<ref name="1EurList"/> The EU imposed its sanctions "in the absence of de-escalatory steps by the Russian Federation" in order to bring an end to the violence in eastern Ukraine. The EU at the same time clarified that the union "remains ready to reverse its decisions and reengage with Russia when it starts contributing actively and without ambiguities to finding a solution to the Ukrainian crisis".<ref name=EUsanctionsoverview>{{cite web|url=http://europa.eu/newsroom/highlights/special-coverage/eu_sanctions/index_en.htm |title=EU sanctions against Russia over Ukraine crisis |publisher=[[European External Action Service]] |access-date=1 June 2015 |archive-url=https://web.archive.org/web/20150611143544/http://europa.eu/newsroom/highlights/special-coverage/eu_sanctions/index_en.htm |archive-date=11 June 2015 |url-status=live}}</ref>

These 17 March sanctions were the most wide-ranging sanctions used against Russia since the [[Collapse of the Soviet Union|1991 fall]] of the [[Soviet Union]].<ref name="Katakey">{{cite news |last=Katakey |first=Rakteem |date=25 March 2014 |title=Russian Oil Seen Heading East Not West in Crimea Spat |url=https://www.bloomberg.com/news/2014-03-25/russian-oil-seen-heading-east-not-west-in-crimea-spat.html |publisher=[[Bloomberg L.P.]] |access-date=25 March 2014 |archive-url=https://web.archive.org/web/20140325091538/http://www.bloomberg.com/news/2014-03-25/russian-oil-seen-heading-east-not-west-in-crimea-spat.html |archive-date=25 March 2014 |url-status=live |df=dmy-all }}</ref> [[Japan]] also announced sanctions against Russia, which included the suspension of talks regarding military matters, space, investment, and [[Visa requirements for Russian citizens|visa requirements]].<ref>{{cite news|url=http://www.foxnews.com/world/2014/03/18/japan-imposes-sanctions-against-russia-over-crimea-independence/ |title=Japan imposes sanctions against Russia over Crimea independence |work=[[Fox News]] |agency=[[Associated Press]] |date=18 March 2014 |access-date=21 January 2015 |archive-url=https://web.archive.org/web/20141201184734/http://www.foxnews.com/world/2014/03/18/japan-imposes-sanctions-against-russia-over-crimea-independence/ |archive-date=1 December 2014 |url-status=live}}</ref> A few days later, the US government expanded the sanctions.<ref>{{cite web|url=http://www.jnmjournal.com/us-imposes-second-wave-of-sanctions-on-russia/ |title=US imposes second wave of sanctions on Russia |work=jnmjournal.com |date=20 March 2014 |access-date=21 January 2015 |archive-url=https://web.archive.org/web/20141108052415/http://www.jnmjournal.com/us-imposes-second-wave-of-sanctions-on-russia/ |archive-date=8 November 2014 |url-status=live}}</ref>

On 19 March, [[Australia]] imposed sanctions against Russia after its annexation of Crimea. These sanctions targeted financial dealings and travel bans on those who have been instrumental in the Russian threat to Ukraine's sovereignty.<ref>{{cite news |url=http://www.abc.net.au/news/2014-03-19/australia-sanctions-russia-ukraine/5331826 |title=Australia imposes sanctions on Russians after annexation of Crimea from Ukraine |publisher=Australian Broadcasting Corporation |date=19 March 2014 |access-date=21 January 2015 |archive-date=22 June 2021 |archive-url=https://web.archive.org/web/20210622173810/https://www.abc.net.au/news/2014-03-19/australia-sanctions-russia-ukraine/5331826 |url-status=live }}</ref> Australian sanctions were expanded on 21 May.<ref name=Australia1>{{cite web |title=Further sanctions to support Ukraine |url=http://foreignminister.gov.au/releases/Pages/2014/jb_mr_140521.aspx?ministerid=4 |date=21 May 2014 |author=Minister for Foreign Affairs (Australia) |access-date=27 January 2015 |author-link=Minister for Foreign Affairs (Australia) |archive-date=27 February 2019 |archive-url=https://web.archive.org/web/20190227212557/https://foreignminister.gov.au/releases/Pages/2014/jb_mr_140521.aspx?ministerid=4 |url-status=live }}</ref>

In early April, [[Albania]], [[Iceland]] and [[Montenegro]], as well as [[Ukraine]], imposed the same restrictions and travel bans as those of the EU on 17 March.<ref name=eupressrelease>{{cite web|url=http://www.consilium.europa.eu/uedocs/cms_Data/docs/pressdata/en/cfsp/142174.pdf |title=Declaration by the High Representative on behalf of the European Union on the alignment of certain third countries with the Council Decision 2014/145/CFSPconcerning restrictive measures in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine |author=<!--Staff writer(s); no by-line.--> |date=11 April 2014 |publisher=[[Council of the European Union]] |access-date=23 August 2014 |archive-url=https://web.archive.org/web/20140608171733/http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/cfsp/142174.pdf |archive-date=8 June 2014 |url-status=live |df=dmy-all}}</ref> [[Igor Lukšić]], foreign minister of Montenegro, said that despite a "centuries old-tradition" of good ties with Russia, joining the EU in imposing sanctions had "always been the only reasonable choice".<ref name=mne1>{{cite web|url=https://euobserver.com/foreign/126960 |title=Montenegro-EU talks advance in Russia's shadow |last1=Rettman |first1=Andrew |date=17 December 2014 |publisher=[[EUobserver]] |access-date=1 June 2015 |archive-url=https://web.archive.org/web/20150717011114/https://euobserver.com/foreign/126960 |archive-date=17 July 2015 |url-status=live |df=dmy-all}}</ref> Slightly earlier in March, [[Moldova]] imposed the same sanctions against former president of Ukraine Viktor Yanukovych and a number of former Ukrainian officials, as announced by the EU on 5 March.<ref name=teleradiomoldova>{{cite web|url=http://trm.md/en/politic/moldova-s-a-aliniat-sanctiunilor-ue-impotriva-fostilor-oficiali-ucraineni |title=Moldova joined EU sanctions against former Ukrainian officials |author=<!--Staff writer(s); no by-line.--> |date=20 March 2014 |publisher=[[Teleradio Moldova]] |access-date=27 January 2015 |archive-date=27 February 2019|archive-url=https://web.archive.org/web/20190227211031/http://trm.md/en/politic/moldova-s-a-aliniat-sanctiunilor-ue-impotriva-fostilor-oficiali-ucraineni |url-status=live}}</ref>

In response to the sanctions introduced by the United States and the European Union, the [[State Duma]] (Lower House of the Russian parliament) unanimously passed a resolution asking for all members of the Duma be included on the sanctions list.{{citation needed|date=November 2020}} The sanctions were expanded to include prominent Russian businessmen and women a few days later.<ref name="FT share prices">{{cite news |last1=Farchy |first1=Jack |last2=Hume |first2=Neil |date=21 March 2014 |title=Russian share prices drop as sanctions bite |url=http://www.ft.com/cms/s/0/9ffba124-b0d6-11e3-9f6f-00144feab7de.html |work=[[Financial Times]] |access-date=7 August 2014 |archive-url=https://web.archive.org/web/20140525150744/http://www.ft.com/cms/s/0/9ffba124-b0d6-11e3-9f6f-00144feab7de.html |archive-date=25 May 2014 |url-status=live |df=dmy-all }}</ref>

=== {{anchor|Second}} Second round: April 2014 ===
On 10 April, the Council of Europe suspended the voting rights of Russia's delegation.<ref>{{cite web|url=https://www.theguardian.com/world/2014/apr/10/russia-suspended-council-europe-crimea-ukraine |title=Russia delegation suspended from Council of Europe over Crimea |last=Harding |first=Luke |date=10 April 2014 |website=[[The Guardian]] |language=en |access-date=12 October 2018 |archive-url=https://web.archive.org/web/20181213190239/https://www.theguardian.com/world/2014/apr/10/russia-suspended-council-europe-crimea-ukraine |archive-date=13 December 2018 |url-status=live}}</ref>

On 28 April, the United States imposed a ban on business transactions within its territory on seven Russian officials, including [[Igor Sechin]], executive chairman of the Russian state oil company [[Rosneft]], and 17 Russian companies.<ref>{{cite news |title=U.S. levels new sanctions against Russian officials, companies |url=http://www.haaretz.com/news/world/1.587764 |work=[[Haaretz]] |date=28 April 2014 |access-date=7 August 2014 |archive-url=https://web.archive.org/web/20140829190705/http://www.haaretz.com/news/world/1.587764 |archive-date=29 August 2014 |url-status=live }}</ref><ref>{{Cite news |last=Floudas |first=Demetrius |date=May 2014 |title=High Interest Rates will hurt Russia more than Sanctions |work=The Financial Times |type=Commentary |url=https://www.ft.com/content/368cbc3a-1ebf-3580-b1a3-5a2903a4b9c0 |url-status=live |url-access=subscription |archive-url=https://archive.today/20180518194355/https://www.ft.com/content/368cbc3a-1ebf-3580-b1a3-5a2903a4b9c0 |archive-date=2018-05-18}}</ref>

On the same day, the EU issued travel bans against a further 15 individuals.<ref>{{cite news|title=EU strengthens sanctions against actions undermining Ukraine's territorial integrity |url=http://www.internationaltradecomplianceupdate.com/blog.aspx?entry=1947 |work=International Trade Compliance |date=28 April 2014|access-date=7 August 2014 |archive-url=https://web.archive.org/web/20150504211635/http://www.internationaltradecomplianceupdate.com/blog.aspx?entry=1947 |archive-date=4 May 2015 |url-status=dead}}</ref> The EU also stated the aims of EU sanctions as:

<blockquote>sanctions are not punitive, but designed to bring about a change in policy or activity by the target country, entities or individuals. Measures are therefore always targeted at such policies or activities, the means to conduct them and those responsible for them. At the same time, the EU makes every effort to minimise adverse consequences for the civilian population or for legitimate activities.<ref name=eustatememt>{{cite web |url=http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/EN/foraff/135804.pdf |title=EU restrictive measures |author=<!--Staff writer(s); no by-line.--> |date=29 April 2014 |publisher=Council of the European Union |access-date=23 August 2014 |archive-url=https://web.archive.org/web/20140727041838/http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/EN/foraff/135804.pdf |archive-date=27 July 2014 |url-status=live |df=dmy-all }}</ref></blockquote>

=== {{anchor|Third}}Third round: 2014–2021 ===
==== 2014 ====
In response to the escalating [[War in Donbas (2014–2022)|War in Donbass]], on 17 July 2014 the United States extended its transactions ban to two major Russian energy firms, [[Rosneft]] and [[Novatek]], and to two banks, [[Gazprombank]] and [[Vnesheconombank]].<ref>{{cite web|url=http://www.themoscowtimes.com/business/article/new-sanctions-wave-hits-russian-stocks/503604.html|title=Third Wave of Sanctions Slams Russian Stocks |work=[[The Moscow Times]] |date=17 July 2014 |access-date=21 January 2015 |archive-url=https://web.archive.org/web/20150318143830/http://www.themoscowtimes.com/business/article/new-sanctions-wave-hits-russian-stocks/503604.html |archive-date=18 March 2015 |url-status=live}}</ref> United States also urged EU leaders to join the third wave<ref>{{cite news|url=https://www.bloomberg.com/news/articles/2014-07-15/eu-leaders-weigh-sanctions-against-russia-over-ukraine |publisher=[[Bloomberg L.P.]] |date=15 July 2014 |title=EU Readies Russia Sanctions Amid U.S. Pressure on Ukraine |author-first=Daria |author-last=Marchak |access-date=7 March 2017 |archive-url=https://web.archive.org/web/20171019221445/https://www.bloomberg.com/news/articles/2014-07-15/eu-leaders-weigh-sanctions-against-russia-over-ukraine |archive-date=19 October 2017 |url-status=live}}</ref> leading EU to start drafting European sanctions a day before.<ref>{{cite web|url=http://blogs.ft.com/brusselsblog/2014/07/16/eu-summit-leaked-draft-of-new-russia-sanctions/ |title=EU summit: Leaked draft of new Russia sanctions |work=[[Financial Times]] |access-date=28 May 2016|archive-url=https://web.archive.org/web/20160610053645/http://blogs.ft.com/brusselsblog/2014/07/16/eu-summit-leaked-draft-of-new-russia-sanctions/ |archive-date=10 June 2016 |url-status=live}}</ref><ref>{{cite web|url=http://www.ibtimes.co.uk/eu-draft-urges-deeper-sanctions-against-russia-1456964 |title=EU Draft Urges Deeper Sanctions Against Russia |work=International Business Times UK |access-date=28 May 2016 |archive-url=https://web.archive.org/web/20160609024447/http://www.ibtimes.co.uk/eu-draft-urges-deeper-sanctions-against-russia-1456964 |archive-date=9 June 2016 |url-status=live |date=16 July 2014}}</ref> On 25 July, the EU officially expanded its sanctions to an additional 15 individuals and 18 entities,<ref name="EU 25 07">{{CELEX|32014R0810|text=Council Implementing Regulation (EU) No 810/2014 of 25 July 2014 implementing Regulation (EU) No 269/2014 concerning restrictive measures in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine}}</ref> with an additional eight added on 30 July.<ref name="EU 30 07">{{CELEX|32014D0508|text=Council Decision 2014/508/CFSP of 30 July 2014 amending Decision 2014/145/CFSP concerning restrictive measures in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine}}</ref> On 31 July 2014 the EU introduced the third round of sanctions which included an embargo on arms and related material, and embargo on [[dual-use]] goods and technology intended for military use or a military end user, a ban on imports of arms and related material, controls on export of equipment for the [[Petroleum industry in Russia|oil industry]], and a restriction on the issuance of and trade in certain [[Bond (finance)|bonds]], [[Equity (finance)|equity]] or similar financial instruments on a maturity greater than 90 days (In September 2014 lowered to 30 days)<ref>{{CELEX|32014R0833|text=Council Regulation (EU) No 833/2014 of 31 July 2014 concerning restrictive measures in view of Russia's actions destabilising the situation in Ukraine}}</ref>

On 24 July 2014, [[Canada]] targeted Russian arms, energy and financial entities.<ref>{{cite news|url=http://www.cbc.ca/news/world/ukraine-crisis-u-s-eu-canada-announce-new-sanctions-against-russia-1.2721836 |title=Ukraine crisis: U.S., EU, Canada announce new sanctions against Russia |date=29 July 2014 |work=cbc.ca |publisher=[[Canadian Broadcasting Corporation|CBC]] |agency=Thomson Reuters |access-date=21 January 2015|archive-date=8 July 2021 |archive-url=https://web.archive.org/web/20210708013425/https://www.cbc.ca/news/world/ukraine-crisis-u-s-eu-canada-announce-new-sanctions-against-russia-1.2721836 |url-status=live}}</ref> On 5 August 2014, [[Japan]] froze the assets of "individuals and groups supporting the separation of Crimea from Ukraine" and restrict imports from Crimea and froze funds for new projects in Russia in line with the policy of the [[European Bank for Reconstruction and Development|EBRD]].<ref>{{cite web|url=https://abcnews.go.com/International/wireStory/japan-formally-oks-additional-russia-sanctions-24842209 |archive-url=https://web.archive.org/web/20140806143916/https://abcnews.go.com/International/wireStory/japan-formally-oks-additional-russia-sanctions-24842209 |archive-date=6 August 2014 |title=Japan Formally OKs Additional Russia Sanctions |work=[[ABC News]] |date=5 August 2014}}</ref> On 8 August 2014, Australia announced that Australia is "working towards" tougher sanctions against Russia.<ref>{{cite news|url=http://www.theaustralian.com.au/national-affairs/australia-working-towards-tougher-sanctions-against-russia-abbott/story-fn59niix-1227017779308 |title=Australia 'working towards' tougher sanctions against Russia: Abbott |publisher=[[The Australian]] |author-first=Rosie |author-last=Lewis |date=8 August 2014 |access-date=21 January 2015 |archive-date=5 December 2014|archive-url=https://web.archive.org/web/20141205134054/http://www.theaustralian.com.au/national-affairs/australia-working-towards-tougher-sanctions-against-russia-abbott/story-fn59niix-1227017779308 |url-status=live}}</ref><ref>{{cite web|url=http://www.abc.net.au/news/2014-08-11/abbott-in-netherlands-flags-tougher-sanctions-against-russia/5661586 |title=Prime Minister Tony Abbott arrives in Netherlands, flags tougher sanctions against Russia over MH17|work=[[ABC News (Australia)|ABC News]] |date=11 August 2014 |access-date=21 January 2015 |archive-date=12 November 2020 |archive-url=https://web.archive.org/web/20201112020253/https://www.abc.net.au/news/2014-08-11/abbott-in-netherlands,-flags-tougher-sanctions-against-russia/5661586 |url-status=live}}</ref>

On 12 August 2014, [[Norway]] adopted the tougher sanctions against Russia that were imposed by the European Union and the United States on 12 August 2014. The Norwegian foreign minister [[Børge Brende]] said that it would also impose restrictions similar to the EU's 1 August sanctions. Russian state-owned banks will be banned from taking long-term and mid-term loans, arms exports will be banned and supplies of equipment, technology and assistance to the Russian oil sector will be prohibited.<ref>{{cite news|url=https://www.bloomberg.com/news/2014-08-12/norway-ready-to-act-as-russian-sanctions-trigger-fallout-probe.html |title=Norway 'Ready to Act' as Putin Sanctions Spark Fallout Probe |author-first=Saleha |author-last=Mohsin |date=12 August 2014 |work=[[Bloomberg L.P.]] |access-date=21 January 2015 |archive-url=https://web.archive.org/web/20141029113630/http://www.bloomberg.com/news/2014-08-12/norway-ready-to-act-as-russian-sanctions-trigger-fallout-probe.html |archive-date=29 October 2014 |url-status=live}}</ref>

On 14 August 2014, [[Switzerland]] expanded sanctions against Russia over its threat to Ukraine's sovereignty. Swiss government added 26 more Russians and pro-Russian Ukrainians to the list.<ref>Switzerland Expands Sanctions Against Russia Over Ukraine Crisis RFERL: Switzerland Expands Sanctions Against Russia Over Ukraine Crisis</ref> The Swiss government said it is expanding measures to prevent the circumvention of sanctions relating to the situation in Ukraine to include the third round of sanctions imposed by the EU in July and also stated that five Russian banks will require authorisation to issue long-term financial instruments in Switzerland.<ref name="news.admin.ch">{{cite web|url=https://www.news.admin.ch/message/index.html?lang=en&msg-id=54221 |title=Situation in Ukraine: Federal Council decides on further measures to prevent the circumvention of international sanctions |publisher=news.admin.ch |location=Bern, Switzerland |date=27 August 2014 |url-status=dead |archive-url=https://web.archive.org/web/20140908113316/https://www.news.admin.ch/message/index.html?lang=en&msg-id=54221 |archive-date=8 September 2014}}</ref> On 28 August 2014, Switzerland amended its sanctions to include the sanctions imposed by the EU in July.<ref name="news.admin.ch"/>

On 14 August 2014, Ukraine passed a law introducing Ukrainian sanctions against Russia.<ref>{{cite web|url=http://www.rferl.org/content/ukraine-legislation-sanctions-russia/26530692.html |title=Ukraine Passes Law on Russia Sanctions, Gas Pipelines |work=[[RadioFreeEurope/RadioLiberty]] |author=RFE/RL |date=14 August 2014 |access-date=21 January 2015 |archive-url=https://web.archive.org/web/20141029161458/http://www.rferl.org/content/ukraine-legislation-sanctions-russia/26530692.html |archive-date=29 October 2014 |url-status=live}}</ref><ref>{{cite news|url=https://www.reuters.com/article/us-ukraine-crisis-sanctions-kiev-idUSKBN0GE0YI20140814 |title=Ukraine approves law on sanctions against Russia |work=[[Reuters]] |date=14 August 2014 |access-date=21 January 2015 |archive-url=https://web.archive.org/web/20141029105540/http://www.reuters.com/article/2014/08/14/us-ukraine-crisis-sanctions-kiev-idUSKBN0GE0YI20140814 |archive-date=29 October 2014 |url-status=live}}</ref> The law includes 172 individuals and 65 entities in Russia and other countries for supporting and financing "terrorism" in Ukraine, though actual sanctions would need approval from [[National Security and Defense Council of Ukraine|Ukraine's National Security and Defense Council]].

On 11 September 2014, US president Obama said that the United States would join the EU in imposing tougher sanctions on Russia's financial, energy and defence sectors.<ref>{{cite news |author-last1=Lamarque |author-first1=Kevin |title=Obama says U.S. to outline new Russia sanctions on Friday |url=https://www.reuters.com/article/us-ukraine-crisis-obama-sanctions-idUSKBN0H620I20140911 |publisher=Reuters |access-date=12 September 2014 |date=11 September 2014 |archive-url=https://web.archive.org/web/20140911193905/http://www.reuters.com/article/2014/09/11/us-ukraine-crisis-obama-sanctions-idUSKBN0H620I20140911 |archive-date=11 September 2014 |url-status=live }}</ref> On 12 September 2014, the United States imposed sanctions on Russia's largest bank (Sberbank), a major arms maker and arctic ([[Rostec]]), deepwater and shale exploration by its biggest oil companies ([[Gazprom]], [[Gazprom Neft]],<ref>{{Cite web |last=BFM.ru |title=Доев Дмитрий Витальевич - персоны на BFM.ru |url=https://www.bfm.ru/person/9141 |access-date=2023-05-19 |website=BFM.ru - деловой портал |language=ru}}</ref><ref>{{Cite web |title=Дмитрий Доев: постройка трассы "Обход Хабаровска" даст ощутимый эффект |url=https://regnum.ru/ |access-date=2023-05-19 |website=Новости России, СНГ и мира - ИА REGNUM |language=ru}}</ref><ref>{{Cite web |title=Дмитрий Доев: Мосты формируют инфраструктурный каркас страны и повышают транспортную доступность территорий |url=https://dni.ru/economy/2022/8/30/509806.html |access-date=2023-05-19 |website=dni.ru |language=ru}}</ref> [[Lukoil]], [[Surgutneftegas]] and [[Rosneft]]). Sberbank and Rostec will have limited ability to access the US debt markets. The sanction on the oil companies seek to ban co-operation with Russian oil firms on energy technology and services by companies including [[ExxonMobil|Exxon Mobil Corp.]] and [[BP|BP Plc]].<ref>{{cite news|author-last1=Arshad |author-first1=Mohammed |title=U.S. steps up sanctions on Russia over Ukraine |url=https://www.reuters.com/article/us-ukraine-crisis-usa-sanctions-idUSKBN0H71N320140912 |access-date=12 September 2014 |work=[[Reuters]] |date=12 September 2014 |archive-url=https://web.archive.org/web/20140912181209/http://www.reuters.com/article/2014/09/12/us-ukraine-crisis-usa-sanctions-idUSKBN0H71N320140912 |archive-date=12 September 2014 |url-status=live}}
</ref>

On 24 September 2014, Japan banned the issue of securities by 5 Russian banks and also tightened restrictions on defence exports to Russia.<ref>{{cite news|title=U.S. Japan Steps Up Russia Sanctions, Protests Island Visit |url=https://www.bloomberg.com/news/2014-09-24/japan-to-protest-russian-official-s-visit-to-disputed-islands.html |work=[[Bloomberg News]] |author-first=Maiko |author-last=Takahashi |date=25 September 2014 |access-date=7 March 2017 |archive-url=https://web.archive.org/web/20150108051705/http://www.bloomberg.com/news/2014-09-24/japan-to-protest-russian-official-s-visit-to-disputed-islands.html |archive-date=8 January 2015 |url-status=live}}
</ref>

On 3 October 2014, US vice president [[Joe Biden]] said that "It was America's leadership and the president of the United States insisting, ofttimes almost having to embarrass Europe to stand up and take economic hits to impose costs" and added that "And the results have been massive capital flight from Russia, a virtual freeze on foreign direct investment, a ruble at an all-time low against the dollar, and the Russian economy teetering on the brink of recession. We don't want Russia to collapse. We want Russia to succeed. But Putin has to make a choice. These asymmetrical advances on another country cannot be tolerated. The international system will collapse if they are."<ref name="3 oct whitehouse">{{cite web|url=https://obamawhitehouse.archives.gov/the-press-office/2014/10/03/remarks-vice-president-john-f-kennedy-forum |title=Remarks by the Vice President at the John F. Kennedy Forum |author-last1=Biden |author-first1=Joe |date=3 October 2014 |access-date=27 January 2015 |archive-url=https://web.archive.org/web/20170216131929/https://obamawhitehouse.archives.gov/the-press-office/2014/10/03/remarks-vice-president-john-f-kennedy-forum |archive-date=16 February 2017 |url-status=live |via=[[NARA|National Archives]] |work=[[whitehouse.gov]] |df=dmy-all}}</ref>

On 18 December 2014, the EU banned some investments in Crimea, halting support for Russian Black Sea oil and gas exploration and stopping European companies from purchasing real estate or companies in Crimea, or offering tourism services.<ref>{{cite news|url=https://www.reuters.com/article/us-ukraine-crisis-eu-idUSKBN0JW18020141218 |title=EU bans investment in Crimea, targets oil sector, cruises |work=[[Reuters]] |author-first1=Adrian |author-last1=Croft |author-first2=Robin |author-last2=Emmott |date=18 December 2014 |access-date=21 January 2015 |archive-url=https://web.archive.org/web/20141220063154/http://www.reuters.com/article/2014/12/18/us-ukraine-crisis-eu-idUSKBN0JW18020141218 |archive-date=20 December 2014 |url-status=live}}</ref> On 19 December 2014, US president Obama imposed sanctions on Russian-occupied Crimea by executive order prohibiting exports of US goods and services to the region.<ref>{{cite news|url=http://www.channelnewsasia.com/news/business/international/us-slaps-trade-ban-on/1540372.html |title=US slaps trade ban on Crimea over Russia 'occupation' |publisher=Channel NewsAsia |agency=AFP/fl |date=20 December 2014 |access-date=21 January 2015 |url-status=dead |archive-url=https://web.archive.org/web/20141220014453/http://www.channelnewsasia.com/news/business/international/us-slaps-trade-ban-on/1540372.html |archive-date=20 December 2014}}</ref>

==== Sanctions specific to Crimea ====
The United States, Canada, the European Union, and other European countries (including Ukraine) imposed economic sanctions specifically targeting Crimea. Sanctions prohibit the sale, supply, transfer, or export of goods and technology in several sectors, including services directly related to tourism and infrastructure. They list seven ports where cruise ships cannot dock.<ref>{{cite web|title=EU sanctions add to Putin's Crimea headache |url=https://euobserver.com/foreign/126986 |website=EUobserver.com |date=18 December 2014 |publisher=[[EUobserver]] |access-date=28 March 2015 |archive-url=https://web.archive.org/web/20150402130646/https://euobserver.com/foreign/126986 |archive-date=2 April 2015 |url-status=live}}</ref><ref>{{cite web |url=http://laws-lois.justice.gc.ca/eng/regulations/SOR-2014-60/page-1.html |title=Special Economic Measures (Ukraine) Regulations |publisher=Canadian Justice Laws Website |date=17 March 2014 |access-date=30 March 2015 |archive-date=2 July 2021 |archive-url=https://web.archive.org/web/20210702102355/https://laws-lois.justice.gc.ca/eng/regulations/SOR-2014-60/page-1.html |url-status=live }}</ref><ref>{{cite web |url=http://www.dfat.gov.au/international-relations/security/sanctions/Pages/consolidated-list.aspx |title=Australia and sanctions – Consolidated List – Department of Foreign Affairs and Trade |publisher=Dfat.gov.au |date=25 March 2015 |access-date=29 March 2015 |archive-date=29 February 2020 |archive-url=https://web.archive.org/web/20200229083957/https://www.dfat.gov.au/international-relations/security/sanctions/Pages/consolidated-list.aspx |url-status=live }}</ref><ref>{{cite web |url=http://www.consilium.europa.eu/uedocs/cms_Data/docs/pressdata/en/cfsp/142174.pdf |title=Declaration by the High Representative on behalf of the European Union on the alignment of certain third countries with the Council Decision 2014/145/CFSP concerning restrictive measures in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine |publisher=European Union |date=11 April 2014 |access-date=29 March 2015 |archive-url=https://web.archive.org/web/20150924034435/http://www.consilium.europa.eu/uedocs/cms_Data/docs/pressdata/en/cfsp/142174.pdf |archive-date=24 September 2015 |url-status=live }}</ref> Sanctions against Crimean individuals include travel bans and asset freezes. [[Visa Inc.|Visa]] and [[MasterCard]] have stopped service in Crimea between December 2014 and April 2015.{{citation needed|date=November 2020}}

==== 2015 - 2017 ====
On 16 February 2015, the EU increased its sanction list to cover 151 individuals and 37 entities.<ref>{{cite web|url=http://www.defensenews.com/story/defense/international/europe/2015/02/16/official-new-eu-sanctions-hit-two-russian-deputy-defence-ministers/23527227/ |title=New EU Sanctions Hit 2 Russian Deputy DMs |date=16 February 2015 |work=Defense News |access-date=28 May 2016 |archive-date=19 February 2015 |archive-url=https://archive.today/20150219202019/http://www.defensenews.com/story/defense/international/europe/2015/02/16/official-new-eu-sanctions-hit-two-russian-deputy-defence-ministers/23527227/ |url-status=live}}</ref> Australia indicated that it would follow the EU in new sanctions.

On 18 February 2015, Canada added 37 Russian citizens and 17 Russian entities to its sanction list. [[Rosneft]] and the deputy minister of defence, [[Anatoly Antonov]], were both sanctioned.<ref name=CA150217>{{cite news|url=http://pm.gc.ca/eng/news/2015/02/17/expanded-sanctions-list|title=Expanded Sanctions List |publisher=pm.gc.ca |location=Ottawa, Ontario |date=17 February 2015 |url-status=dead |archive-url=https://web.archive.org/web/20150219055248/http://pm.gc.ca/eng/news/2015/02/17/expanded-sanctions-list |archive-date=19 February 2015}}</ref><ref>{{cite news |url=http://www.cbc.ca/news/ukraine-conflict-russia-rebuffs-new-canadian-sanctions-as-awkward-1.2961308 |work=[[CBC News]] |title=Ukraine conflict: Russia rebuffs new Canadian sanctions as 'awkward' |date=18 February 2015 |access-date=19 February 2015 |archive-date=6 October 2021 |archive-url=https://web.archive.org/web/20211006150432/https://www.cbc.ca/news/ukraine-conflict-russia-rebuffs-new-canadian-sanctions-as-awkward-1.2961308 |url-status=live }}</ref> In June 2015 Canada added three individuals and 14 entities, including [[Gazprom]].<ref name=CA150629>{{cite news|url=http://pm.gc.ca/eng/news/2015/06/29/expanded-sanctions-list |title=Expanded Sanctions List |publisher=pm.gc.ca |date=29 June 2015 |url-status=dead |archive-url=https://web.archive.org/web/20150820173127/http://pm.gc.ca/eng/news/2015/06/29/expanded-sanctions-list |archive-date=20 August 2015}}</ref> Media suggested the sanctions were delayed because Gazprom was a main sponsor of the [[2015 FIFA Women's World Cup]] then concluding in Canada.<ref>{{cite news|url=https://ottawacitizen.com/news/politics/russian-sponsor-of-fifa-world-cup-sanctioned-as-tournament-ended |title=Russian sponsor of FIFA world cup sanctioned as tournament ended |author-last=Berthiaume |author-first=Lee |date=8 July 2015 |work=[[Ottawa Citizen]] |access-date=8 July 2015 |archive-url=https://web.archive.org/web/20150708190728/http://ottawacitizen.com/news/politics/russian-sponsor-of-fifa-world-cup-sanctioned-as-tournament-ended |archive-date=8 July 2015 |url-status=live}}</ref>

In September 2015, Ukraine sanctioned more than 388 individuals, over 105 companies and other entities. In accordance with the August 2015 proposals promulgated by the Security Service of Ukraine and the Order of the Cabinet of Ministers of Ukraine No. 808-p dated 12 August 2015, Ukraine, on 2 September 2015, declared Russia an enemy of Ukraine. Also on 16 September 2015, the Ukrainian president [[Petro Poroshenko]] issued a decree that named nearly 400 individuals, more than 90 companies and other entities to be sanctioned for the Russia's "criminal activities and aggression against Ukraine."<ref>{{cite news |title=Президент увів у дію санкції проти Росії: Підписавши указ, Порошенко затвердив рішення РНБО від 2 вересня |trans-title=The President imposed sanctions against Russia: By signing the decree, Poroshenko approved the decision of the National Security and Defense Council of September 2 |url=http://tyzhden.ua/News/146367 |work=[[The Ukrainian Week]] (Тиждень) |language=uk |date=16 September 2015 |access-date=26 July 2017 |archive-url=https://web.archive.org/web/20171019034328/http://tyzhden.ua/News/146367 |archive-date=19 October 2017 |url-status=live |df=dmy-all }}</ref><ref>{{cite news |title=З'явилися списки фізичних та юридичних осіб РФ, проти яких Україна ввела санкції: Зокрема, у списку фізичних осіб названі 388 прізвищ, у списку юридичних осіб вказані 105 компаній та інших організацій |trans-title=Lists of individuals and legal entities of the Russian Federation against which Ukraine has imposed sanctions have appeared: In particular, 388 surnames are listed in the list of individuals, 105 companies and other organizations are listed in the list of legal entities |url=https://tyzhden.ua/News/146380 |work=The Ukrainian Week (Тиждень) |language=uk |date=16 September 2015 |access-date=26 July 2017 |archive-url=https://web.archive.org/web/20160626050219/http://tyzhden.ua/News/146380 |archive-date=26 June 2016 |url-status=live |df=dmy-all }}</ref><ref>{{cite news |title=Додаток 1 до рішення Ради національної безпеки і оборони України від 2 вересня 2015 року: спеціальних економічних та інших обмежувальних заходів (санкцій) |url=https://www.president.gov.ua/storage/j-files-storage/00/10/80/2d4767fb72f7b288e15059d6867f9a3c_1442423766.pdf |language=uk |trans-title=Appendix 1 to decision for the sake of national security and defense of Ukraine from 2 September 2015: Special economic and other restrictive measures (Sanctions) |work=Presidential decree |date=2 September 2015 |access-date=26 July 2017 |archive-url=https://web.archive.org/web/20170824064802/http://www.president.gov.ua/storage/j-files-storage/00/10/80/2d4767fb72f7b288e15059d6867f9a3c_1442423766.pdf |archive-date=24 August 2017 |url-status=live |df=dmy-all }}</ref><ref>{{cite news |title=Додаток 2 до рішення Ради національної безпеки і оборони України від 2 вересня 2015 року: спеціальних економічних та інших обмежувальних заходів (санкцій) |url=https://www.president.gov.ua/storage/j-files-storage/00/10/81/7ef7e65142ce86548d12bce5e87286ca_1442423796.pdf |language=uk |trans-title=Annex 2 to decision for the sake of national security and defense of Ukraine from 2 September 2015: Special economic and other restrictive measures (Sanctions) |work=Presidential decree |date=2 September 2015 |access-date=26 July 2017 |archive-url=https://web.archive.org/web/20170713011206/http://www.president.gov.ua/storage/j-files-storage/00/10/81/7ef7e65142ce86548d12bce5e87286ca_1442423796.pdf |archive-date=13 July 2017 |url-status=live |df=dmy-all }}</ref>

In April 2016, Lithuania sanctioned 46 individuals who were involved in the detention and sentencing of Ukrainian citizens [[Nadiya Savchenko]], [[Oleh Sentsov]], and [[Olexandr Kolchenko]]. Lithuanian foreign minister [[Linas Linkevičius]] said that his country wanted to "focus attention on the unacceptable and cynical violations of international law and human rights in Russia. [...] It would be more effective if the blacklist became Europe-wide. We hope to start such a discussion."<ref name=Reuters160412>{{cite news|url=https://www.reuters.com/article/us-ukraine-crisis-lithuania-savchenko-idUSKCN0X927X |title=Lithuania blacklists 46 for their role in Savchenko trial |first=Andrius |last=Sytas |work=[[Reuters]] |date=12 April 2016 |access-date=1 July 2017 |archive-url=https://web.archive.org/web/20171019194257/https://www.reuters.com/article/us-ukraine-crisis-lithuania-savchenko-idUSKCN0X927X |archive-date=19 October 2017 |url-status=live}}</ref>

On 29 December 2016, the US president [[Barack Obama]] signed an Executive Order that expelled 35 Russian diplomats, locked down two Russian diplomatic compounds, and [[Magnitsky Act#January 2017 blacklist|expanded sanctions]] against Russia for [[Russian interference in the 2016 United States elections|its interference in the 2016 United States elections]].<ref>{{cite news |url=https://www.wsj.com/articles/u-s-punishes-russia-over-election-hacking-with-sanctions-1483039178 |title=U.S. Sanctions Russia Over Election Hacking; Moscow Threatens to Retaliate |newspaper=[[The Wall Street Journal]] |first1=Carol E. |last1=Lee |first2=Paul |last2=Sonne |date=30 December 2016 |access-date=25 May 2017 |archive-url=https://web.archive.org/web/20161229194654/http://www.wsj.com/articles/u-s-punishes-russia-over-election-hacking-with-sanctions-1483039178 |archive-date=29 December 2016 |url-status=live }}</ref><ref>{{cite web |url=https://obamawhitehouse.archives.gov/the-press-office/2016/12/29/statement-president-actions-response-russian-malicious-cyber-activity |title=Statement by the President on Actions in Response to Russian Malicious Cyber Activity and Harassment |first=Barack |last=Obama |date=29 December 2016 |access-date=11 December 2017 |archive-url=https://web.archive.org/web/20180327160147/https://obamawhitehouse.archives.gov/the-press-office/2016/12/29/statement-president-actions-response-russian-malicious-cyber-activity |archive-date=27 March 2018 |url-status=live |via=[[NARA|National Archives]] |work=[[whitehouse.gov]] |author-link=Barack Obama }}</ref><ref>{{cite web |title=FACT SHEET: Actions in Response to Russian Malicious Cyber Activity and Harassment |url=https://obamawhitehouse.archives.gov/the-press-office/2016/12/29/fact-sheet-actions-response-russian-malicious-cyber-activity-and |access-date=11 December 2017 |archive-url=https://web.archive.org/web/20170121093005/https://obamawhitehouse.archives.gov/the-press-office/2016/12/29/fact-sheet-actions-response-russian-malicious-cyber-activity-and |archive-date=21 January 2017 |url-status=live |via=[[NARA|National Archives]] |work=[[whitehouse.gov]] |date=29 December 2016 }}</ref><ref>{{cite web |url=https://www.npr.org/2017/12/05/568319589/the-10-events-you-need-to-know-to-understand-the-michael-flynn-story |title=The 10 Events You Need To Know To Understand The Michael Flynn Story |first=Miles |last=Parks |date=5 December 2017 |website=[[NPR.org]] |access-date=10 December 2017 |archive-url=https://web.archive.org/web/20180414010601/https://www.npr.org/2017/12/05/568319589/the-10-events-you-need-to-know-to-understand-the-michael-flynn-story |archive-date=14 April 2018 |url-status=live }}</ref>

In August 2017, the US Congress enacted the ''[[Countering America's Adversaries Through Sanctions Act]]'' that imposed new sanctions on Russia for interference in the 2016 elections and its involvement in Ukraine and Syria. The act converted the punitive measures previously imposed by executive orders into law to prevent the president easing, suspending or ending of sanctions without the approval of Congress.<ref>{{cite news |last1=Lardner |first1=Richard |title=Senate GOP, Dems agree on new sanctions on Russia |url=https://abcnews.go.com/Politics/wireStory/senate-gop-dems-agree-sanctions-russia-47997685|access-date=14 June 2017 |work=[[ABC News]] |date=12 June 2017 |archive-url=https://web.archive.org/web/20170613053011/https://abcnews.go.com/Politics/wireStory/senate-gop-dems-agree-sanctions-russia-47997685 |archive-date=13 June 2017 |url-status=dead}}</ref><ref>{{cite news|last1=Flegenheimer |first1=Matt |title=New Bipartisan Sanctions Would Punish Russia for Election Meddling |url=https://www.nytimes.com/2017/06/13/us/politics/senate-sanctions-russia.html |access-date=14 June 2017 |work=[[The New York Times]] |date=13 June 2017 |archive-url=https://web.archive.org/web/20170614104442/https://www.nytimes.com/2017/06/13/us/politics/senate-sanctions-russia.html |archive-date=14 June 2017 |url-status=live}}</ref>

====2018====
On 15 March 2018, Trump imposed financial sanctions under the act on the 13 Russian government hackers and front organizations that had been indicted by Mueller's investigation into Russian interference in the 2016 United States elections.<ref>{{cite web |last=Sheth |first=Sonam |date=15 March 2018 |title=Trump administration announces new sanctions on Russians charged in the Mueller investigation |url=http://www.businessinsider.com/trump-new-russia-sanctions-election-meddling-cyber-attacks-2018-3 |url-status=live |archive-url=https://web.archive.org/web/20180426165515/http://www.businessinsider.com/trump-new-russia-sanctions-election-meddling-cyber-attacks-2018-3 |archive-date=26 April 2018 |access-date=15 March 2018 |work=[[Business Insider]]}}</ref> On 6 April 2018, the United States imposed economic sanctions on seven Russian oligarchs and 12 companies they control, accusing them of "malign activity around the globe", along with 17 top Russian officials, the state-owned weapons-trading company [[Rosoboronexport]] and the Russian Financial Corporation Bank (RFC Bank). High-profile names on the list include [[Oleg Deripaska]] and [[Kirill Shamalov|Kiril Shamalov]], Putin's ex-son-in-law, who married Putin's daughter [[Katerina Tikhonova]] in February 2013. The press release stated: "Deripaska has been investigated for money laundering, and has been accused of threatening the lives of business rivals, illegally wiretapping a government official, and taking part in extortion and racketeering. There are also unsubstantiated allegations that Deripaska bribed a government official, ordered the murder of a businessman in the 1990's, and had links to a Russian organized crime group."<ref name="cnbc040616">{{cite news |last=Calia |first=Amanda Macias, Mike |date=6 April 2018 |title=US sanctions several Russians, including oligarch linked to former Trump campaign chief Paul Manafort |work=CNBC |url=https://www.cnbc.com/2018/04/06/us-sanctions-russians-including-oligarch-linked-to-former-trump-campaign-chief-paul-manafort.html |url-status=live |access-date=6 April 2018 |archive-url=https://web.archive.org/web/20180406230332/https://www.cnbc.com/2018/04/06/us-sanctions-russians-including-oligarch-linked-to-former-trump-campaign-chief-paul-manafort.html |archive-date=6 April 2018}}</ref>

Other names on the list include: Oil tycoon [[Vladimir Bogdanov]], [[Suleyman Kerimov]], who faced money-laundering charges in France for allegedly bringing hundreds of millions of euros into the country without reporting the money to tax authorities, [[Igor Rotenberg]], principal owner of Russian oil and gas drilling company [[Gazprom Burenie]], [[Andrei Skoch]], a deputy in the [[State Duma]]. U.S. officials said he has longstanding ties to [[Russian mafia|Russian organized criminal groups]], [[Viktor Vekselberg]], founder and chairman of the [[Renova Group]], [[asset management]] company,<ref name="cnbc040616" /><ref>{{cite web |title=The 3 biggest names on the latest Russia sanctions list have all featured in the investigation surrounding Trump |date=6 April 2018 |url=https://www.businessinsider.com.au/russia-sanctions-list-oleg-deripaska-viktor-vekselberg-alexander-torshin-2018-4 |url-status=live |archive-url=https://web.archive.org/web/20201002184326/https://www.businessinsider.com.au/russia-sanctions-list-oleg-deripaska-viktor-vekselberg-alexander-torshin-2018-4 |archive-date=2 October 2020 |access-date=11 April 2018}}</ref> and [[Aleksandr Torshin]].<ref>{{cite web |date=6 April 2018 |title=Ukraine-/Russia-related Designations and Identification Update |url=https://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20180406.aspx |url-status=live |archive-url=https://web.archive.org/web/20180410224719/https://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20180406.aspx |archive-date=10 April 2018 |access-date=6 April 2018 |website=[[United States Department of the Treasury]]}}</ref>

In August 2018, following the poisoning of Sergey Skripal, the [[U.S. Department of Commerce]] imposed further sanctions on [[dual-use]] exports to Russia which were deemed to be sensitive on [[national security]] grounds, including [[gas turbine]] engines, [[integrated circuit]]s, and [[calibration]] equipment used in [[avionics]]. Until that moment, such exports were considered on a case-by-case basis. Following the introduction of these sanctions, the default position is of denial.<ref>{{cite web |date=6 April 2018 |title=US to impose sanctions against Russia over Salisbury nerve agent attack |url=https://www.theguardian.com/world/2018/aug/08/us-russia-sanctions-nerve-agent-attack-salisbury |url-status=live |archive-url=https://web.archive.org/web/20181107224940/https://www.theguardian.com/world/2018/aug/08/us-russia-sanctions-nerve-agent-attack-salisbury |archive-date=7 November 2018 |access-date=7 November 2018 |work=[[The Guardian]] |language=en}}</ref> Also, on September that year a list of companies in the [[Space industry of Russia|space]] and [[Defense industry of Russia|defense industry]] came under sanctions, including: AeroComposit, Divetechnoservices, Scientific-Research Institute "Vektor", Nilco Group, Obinsk Research and Production Enterprise, Aviadvigatel, Information Technology and Communication Systems (Infoteks), Scientific and Production Corporation of Precision Instruments Engineering and Voronezh Scientific Research Institute "Vega", whom are forbidden from doing business with.<ref>{{cite web |author=Industry and Security Bureau |date=26 September 2018 |title=Addition of Certain Entities to the Entity List, Revision of an Entry on the Entity List and Removal of an Entity From the Entity List |url=https://www.federalregister.gov/documents/2018/09/26/2018-20954/addition-of-certain-entities-to-the-entity-list-revision-of-an-entry-on-the-entity-list-and-removal |url-status=live |archive-url=https://web.archive.org/web/20181108025709/https://www.federalregister.gov/documents/2018/09/26/2018-20954/addition-of-certain-entities-to-the-entity-list-revision-of-an-entry-on-the-entity-list-and-removal |archive-date=8 November 2018 |access-date=7 November 2018 |publisher=Federal Register |language=en}}</ref>

====2019====
In March 2019, the United States imposed sanctions on persons and companies involved in the [[Shipbuilding in Russia|Russian shipbuilding industry]] in response to the [[Kerch Strait incident]]: Yaroslavsky Shipbuilding Plant, Zelenodolsk Shipyard Plant, AO Kontsern Okeanpribor, PAO Zvezda (Zvezda), AO Zavod Fiolent (Fiolent), GUP RK KTB Sudokompozit (Sudokompozit), LLC SK Consol-Stroi LTD and LLC Novye Proekty. Also, the U.S. targeted persons involved in the [[2018 Donbass general elections]].<ref name="shipbuilding">{{cite news |date=15 March 2019 |title=Treasury Sanctions Russia over Continued Aggression in Ukraine |publisher=U.S. Department of the Treasury |url=https://home.treasury.gov/news/press-releases/sm629 |url-status=live |access-date=15 March 2019 |archive-url=https://web.archive.org/web/20211115024336/https://home.treasury.gov/news/press-releases/sm629 |archive-date=15 November 2021}}</ref>

On 2 August 2019, the [[United States Department of State|U.S State Department]] announced additional sanctions together with an [[executive order]] signed by President Trump which gives the [[United States Department of the Treasury|Department of Treasury]] and the [[United States Department of Commerce|Department of Commerce]] the authority to implement the sanctions. The sanctions forbid granting Russia [[loan]]s or other assistance from [[international financial institutions]], prohibition on [[Banking in the United States|U.S banks]] buy non-ruble denominated [[Bond (finance)|bonds]] issued by the Russia after 26 August and lending non-ruble denominated funds to Russia and licensing restrictions for exports of items for [[Chemical weapon|chemical]] and [[Biological weapon|biological]] weapons proliferation reasons.<ref>{{cite web |date=2 August 2019 |title=Second Round of Chemical and Biological Weapons Control and Warfare Elimination Act Sanctions on Russia |url=https://www.state.gov/second-round-of-chemical-and-biological-weapons-control-and-warfare-elimination-act-sanctions-on-russia/ |url-status=live |archive-url=https://web.archive.org/web/20210119164054/https://www.state.gov/second-round-of-chemical-and-biological-weapons-control-and-warfare-elimination-act-sanctions-on-russia/ |archive-date=19 January 2021 |access-date=25 August 2019 |publisher=U.S. Department of State |language=en}}</ref>

[[File:P20220221ES-0298-1 (51974425940).jpg|thumb|United States president Joe Biden signing [[s:Executive Order 14065|executive order 14065]] in February 2022 in response to Russia's imminent invasion]] In September 2019, pursuant to Executive Order 13685 Maritime Assistance LLC was placed under sanctions due to its export of fuel to Syria as well as for providing support to Sovfracht, another company sanctioned for operating in Crimea.<ref>{{cite web |title=Ukraine-/Russia-related Designations; Syria Designation |url=https://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20190926.aspx |url-status=live |archive-url=https://web.archive.org/web/20200801214958/https://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20190926.aspx |archive-date=1 August 2020 |access-date=26 September 2019}}</ref> Later in the same month, the United States sanctioned two Russian citizens as well as three companies, Autolex Transport, Beratex Group and Linburg Industries in connection with the [[Russian interference in the 2016 United States election]].<ref>{{cite news |date=30 September 2019 |title=U.S. Sanctions 2 Russians Connected to 'Kremlin Troll Factory' |publisher=U.S. Department of the Treasury |url=https://www.themoscowtimes.com/2019/09/30/us-sanctions-2-russians-connected-to-kremlin-troll-factory-a67514 |url-status=live |access-date=30 September 2019 |archive-url=https://web.archive.org/web/20210514205042/https://www.themoscowtimes.com/2019/09/30/us-sanctions-2-russians-connected-to-kremlin-troll-factory-a67514 |archive-date=14 May 2021}}</ref>

=== {{anchor|Fourth}}Fourth round: 2022 ===
{{main|International sanctions during the 2022 Russian invasion of Ukraine}}
{{see also|2022 Russian invasion of Ukraine#Sanctions and ramifications|2022 boycott of Russia and Belarus|List of people sanctioned during the Russo-Ukrainian War}}
[[File:Countries which banned Russian aircraft from their airspace due to the 2022 Russian invasion of Ukraine.svg|thumb|300px|{{legend|#e60000|Russia}} {{legend|#e6e600|Ukraine}} {{legend|#00e6e6|Countries that have banned Russian aircraft from their airspace after the [[2022 Russian invasion of Ukraine]]}}]]
After Russia invaded Ukraine on 24 February 2022, two countries that had not previously taken part in sanctions, namely South Korea<ref>{{cite news |url=https://wap.business-standard.com/article-amp/international/russia-ukraine-crisis-south-korea-to-support-sanctions-on-russia-122022400327_1.html |title=Russia-Ukraine crisis: South Korea to support sanctions on Russia |newspaper=Business Standard India |publisher=Wap.business-standard.com |date=24 February 2022 |access-date=25 February 2022 |archive-date=24 February 2022 |archive-url=https://web.archive.org/web/20220224055105/https://wap.business-standard.com/article-amp/international/russia-ukraine-crisis-south-korea-to-support-sanctions-on-russia-122022400327_1.html |url-status=live }}</ref> and non-UN member state [[Taiwan]],<ref>{{cite news|url=https://financialpost.com/pmn/business-pmn/taiwan-says-it-will-join-democratic-countries-to-sanction-russia/wcm/feef127d-d99f-4ec4-b36c-8709cbca0b13/amp/ |title=Taiwan says it will join 'democratic countries' to sanction Russia |newspaper=[[Financial Post]] |date=25 February 2022}}</ref> engaged in sanctions against Russia. On 28 February 2022, [[Singapore]] announced that it will impose banking sanctions against Russia for the invasion of Ukraine, thus making it the first country in Southeast Asia to impose sanctions upon Russia;<ref>{{cite news |date=28 February 2022 |title=Singapore to impose banking, trade restrictions on Russia |url=https://asia.nikkei.com/Politics/Ukraine-conflict/Singapore-to-impose-banking-trade-restrictions-on-Russia |work=[[Nikkei Asia]] |location= |access-date=28 February 2022 |archive-date=28 February 2022 |archive-url=https://web.archive.org/web/20220228135344/https://asia.nikkei.com/Politics/Ukraine-conflict/Singapore-to-impose-banking-trade-restrictions-on-Russia |url-status=live }}</ref> the move was described by the ''[[South China Morning Post]]'' as being "almost unprecedented". The sanctions also included materials that could be used for weapons against Ukraine, as well as electronics, technology devices and other related equipment, which were listed in a detailed statement on 5 March.<ref>{{cite news |first=Bhavan |last=Jaipragas |title=Singapore to slap unilateral sanctions on Russia in 'almost unprecedented' move |url=https://www.scmp.com/week-asia/politics/article/3168648/ukraine-invasion-singapore-impose-unilateral-sanctions-russia |access-date=28 February 2022 |work=[[South China Morning Post]] |date=28 February 2022 |archive-url=https://web.archive.org/web/20220228145838/https://www.scmp.com/week-asia/politics/article/3168648/ukraine-invasion-singapore-impose-unilateral-sanctions-russia |archive-date=28 February 2022 |language=en |url-status=live}}</ref><ref>{{cite web |title=Sanctions and Restrictions Against Russia in Response to its Invasion of Ukraine |url=https://www.mfa.gov.sg/Newsroom/Press-Statements-Transcripts-and-Photos/2022/03/20220305-sanctions |website=[[Ministry of Foreign Affairs (Singapore)]] |access-date=5 March 2022 |date=5 March 2022 |archive-date=5 March 2022 |archive-url=https://web.archive.org/web/20220305022320/https://www.mfa.gov.sg/Newsroom/Press-Statements-Transcripts-and-Photos/2022/03/20220305-sanctions |url-status=live }}</ref>

On 28 February 2022, the [[Central Bank of Russia]] was blocked from accessing more than $400 billion in [[List of countries by foreign-exchange reserves|foreign-exchange reserves]] held abroad<ref name=":1">{{cite news |title=In an effort to choke Russian economy, new sanctions target Russia's central bank |url=https://www.npr.org/2022/02/28/1083580974/in-an-effort-to-choke-russian-economy-new-sanctions-target-russias-central-bank?t=1646164495488 |work=[[NPR]] |date=28 February 2022 |access-date=2 March 2022 |archive-date=3 March 2022 |archive-url=https://web.archive.org/web/20220303161401/https://www.npr.org/2022/02/28/1083580974/in-an-effort-to-choke-russian-economy-new-sanctions-target-russias-central-bank?t=1646164495488 |url-status=live }}</ref><ref>{{cite news |title=The West's Plan to Isolate Putin: Undermine the Ruble |url=https://www.nytimes.com/2022/02/28/business/russia-sanctions-central-bank-ruble.html |url-status=live |archive-url=https://ghostarchive.org/archive/20220301/https://www.nytimes.com/2022/02/28/business/russia-sanctions-central-bank-ruble.html |archive-date=1 March 2022 |work=[[The New York Times]] |date=28 February 2022}}{{cbignore}}</ref> and the EU imposed sanctions on several Russian oligarchs and politicians.<ref>{{CELEX|32022R0336|text=Council Implementing Regulation (EU) 2022/336 of 28 February 2022 implementing Regulation (EU) No 269/2014 concerning restrictive measures in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine}}</ref> [[Bjoern Seibert]], head of [[President of the European Commission|European Commission President]] [[Von der Leyen Commission|Ursula von der Leyen's Cabinet]], was in charge of leading the EU's negotiations with the US on the sanction's implementation.<ref>{{Cite web |date=2022-10-06 |title=Europe's American president: The paradox of Ursula von der Leyen |url=https://www.politico.eu/article/europe-american-president-paradox-ursula-von-der-leyen/ |access-date=2023-03-28 |website=POLITICO |language=en}}</ref>

[[Sergei Aleksashenko]], the former Russian deputy finance minister, said: "This is a kind of financial nuclear bomb that is falling on Russia."<ref>{{cite news |title=The West declares economic war on Russia |url=https://www.politico.com/newsletters/morning-money/2022/02/28/the-west-declares-economic-war-on-russia-00012208 |url-status=live |archive-url=https://ghostarchive.org/archive/20220301/https://www.politico.com/newsletters/morning-money/2022/02/28/the-west-declares-economic-war-on-russia-00012208 |archive-date=1 March 2022 |work=[[Politico]] |date=28 February 2022}}{{cbignore}}</ref> On 1 March 2022, the French finance minister [[Bruno Le Maire]] said the total amount of Russian assets being frozen by sanctions amounted to $1 trillion.<ref>{{cite news |title=The West's $1 trillion bid to collapse Russia's economy |url=https://edition.cnn.com/2022/03/01/business/russia-economy-sanctions/index.html |work=CNN |date=1 March 2022 |access-date=2 March 2022 |archive-date=1 March 2022 |archive-url=https://web.archive.org/web/20220301190345/https://edition.cnn.com/2022/03/01/business/russia-economy-sanctions/index.html |url-status=live }}</ref>

[[Serbia]], [[Mexico]] and [[Brazil]] have announced that they would not be participating in any economic sanctions against Russia.<ref>{{cite web |url=https://www.timesofisrael.com/liveblog_entry/while-condemning-ukraine-invasion-serbia-refuses-to-back-sanctions-against-russia/ |title=While condemning Ukraine invasion, Serbia refuses to back sanctions against Russia |website=The Times of Israel |access-date=25 February 2022 |archive-date=25 February 2022 |archive-url=https://web.archive.org/web/20220225201548/https://www.timesofisrael.com/liveblog_entry/while-condemning-ukraine-invasion-serbia-refuses-to-back-sanctions-against-russia/ |url-status=live }}</ref><ref>{{cite news |url=https://www.reuters.com/world/europe/serbia-will-not-impose-sanctions-against-moscow-president-says-2022-02-25/?rpc=401& |title=Serbia will not impose sanctions against Moscow, president says |website=www.reuters.com |date=25 February 2022 |access-date=25 February 2022 |archive-date=25 February 2022 |archive-url=https://web.archive.org/web/20220225194816/https://www.reuters.com/world/europe/serbia-will-not-impose-sanctions-against-moscow-president-says-2022-02-25/?rpc=401 |url-status=live }}</ref><ref>{{cite web |last1=Dragojlo |first1=Sasa |title=Serbia Supports Ukraine's Sovereignty But Opposes Sanctions on Russia, Vucic says |url=https://balkaninsight.com/2022/02/25/serbia-supports-ukraines-sovereignty-but-opposes-sanctions-on-russia-vucic-says/ |website=[[Balkan Insight]] |date=25 February 2022 |access-date=2 March 2022 |archive-date=28 February 2022 |archive-url=https://web.archive.org/web/20220228113641/https://balkaninsight.com/2022/02/25/serbia-supports-ukraines-sovereignty-but-opposes-sanctions-on-russia-vucic-says/ |url-status=live }}</ref><ref>{{cite news |title=Mexico's president says he will not impose sanctions on Russia |url=https://edition.cnn.com/europe/live-news/ukraine-russia-putin-news-03-01-22/h_16ea9365f2eb3f81a9b5c09f85de66b9 |agency=CNN |date=1 March 2022 |access-date=2 March 2022 |archive-date=1 March 2022 |archive-url=https://web.archive.org/web/20220301193528/https://edition.cnn.com/europe/live-news/ukraine-russia-putin-news-03-01-22/h_16ea9365f2eb3f81a9b5c09f85de66b9 |url-status=live }}</ref>

[[Western countries]] and others began imposing limited sanctions on Russia when it [[Address concerning the events in Ukraine|recognised the independence of Donbas]].{{citation needed|date=February 2023}} With the commencement of attacks on 24 February, a large number of other countries began applying sanctions with the aim of crippling the Russian economy. The sanctions were wide-ranging, targeting individuals, banks, businesses, monetary exchanges, bank transfers, exports, and imports.<ref name=":4" /><ref name=":5" /><ref name=":6">{{cite web |date=25 February 2022 |title=China State Banks Restrict Financing for Russian Commodities |url=https://www.bloomberg.com/news/articles/2022-02-25/chinese-state-banks-restrict-financing-for-russian-commodities |url-status=live |archive-url=https://web.archive.org/web/20220225234148/https://www.bloomberg.com/news/articles/2022-02-25/chinese-state-banks-restrict-financing-for-russian-commodities |archive-date=25 February 2022 |access-date=26 February 2022 |website=[[Bloomberg News]]}}</ref>

In February 2022, President [[Joe Biden]] signed [[s:Executive Order 14065|Executive Order 14065]] of February 21, 2022 — "Blocking Property of Certain Persons and Prohibiting Certain Transactions With Respect to Continued Russian Efforts To Undermine the Sovereignty and Territorial Integrity of Ukraine".

[[Faisal Islam]] of BBC News stated that the measures were far from normal sanctions and were "better seen as a form of economic war". The intent of the sanctions was to push Russia into a deep [[recession]] with the likelihood of [[bank run]]s and [[hyperinflation]]. Islam noted that targeting a [[G20]] central bank in this way had never been done before.<ref name=":2">{{cite web |last1=Islam |first1=Faisal |title=Why the world is waging economic war on Russia |url=https://www.bbc.co.uk/news/business-60550610 |url-status=live |archive-url=https://web.archive.org/web/20220228000354/https://www.bbc.co.uk/news/business-60550610 |archive-date=28 February 2022 |publisher=BBC News |access-date=28 February 2022 |date=27 February 2022 }}</ref> Deputy Chairman of the [[Security Council of Russia]] and former president [[Dmitry Medvedev]] derided Western sanctions imposed on Russia, including personal sanctions, and commented that they were a sign of "political impotence" resulting from NATO's [[Withdrawal of United States troops from Afghanistan (2020–2021)|withdrawal from Afghanistan]]. He threatened to [[nationalise]] foreign assets that companies held inside Russia.<ref>{{cite news |date=26 February 2022 |title=Sanctions against us 'will change nothing,' says former Russian president |url=https://www.cnn.com/europe/live-news/ukraine-russia-news-02-26-22/h_9c2bc6bd9b89cc90b115760c98ba59ab |archive-url=https://web.archive.org/web/20220227211324/https://www.cnn.com/europe/live-news/ukraine-russia-news-02-26-22/h_9c2bc6bd9b89cc90b115760c98ba59ab |archive-date=27 February 2022 |access-date=26 February 2022 |website=[[CNN]] |url-status=live }}</ref>

On 14 March 2022, Biden's national security advisor [[Jake Sullivan]] warned [[China]] that it would face consequences if it helped Russia evade sanctions.<ref>{{cite news |last1=Ferguson |first1=Niall |title=Putin Misunderstands History. So, Unfortunately, Does the U.S. |url=https://www.bloomberg.com/opinion/articles/2022-03-22/niall-ferguson-putin-and-biden-misunderstand-history-in-ukraine-war?sref=xzGl1Vcx |work=Bloomberg |date=22 March 2022}}</ref>

A year after [[2022 Russian invasion of Ukraine|Russia's invasion of Ukraine]], the United States persuaded countries like [[Turkey]] and the [[United Arab Emirates]] to crack down on the commercial activities in their countries which had been helping Russia's war efforts in Ukraine. These countries did not back the western sanctions imposed on Russia, instead continuing to trade with it and providing havens for wealthy Russians and their capital.<ref>{{cite news|url=https://www.nytimes.com/2023/02/04/world/middleeast/us-turkey-uae-russia-sanctions.html|title=U.S. Presses Partners to Weed Out Illicit Trade With Russia|work=The New York Times |date=4 February 2023 |accessdate=4 February 2023 |last1=Hubbard |first1=Ben }}</ref>
The United States marked the first anniversary of Russia's invasion of Ukraine on February 24, 2023, with new sanctions against Russia aimed at undermining Moscow's ability to launch a war. The new measures by the US Treasury Department affect 22 Russian individuals and 83 entities, adding to the more than 2,500 sanctions imposed last year.<ref>{{cite news |last1=Holland |first1=Steve |title=U.S. targets Russia with sanctions, Moscow says measures won't work |url=https://www.reuters.com/world/us-targets-russia-with-sanctions-tariffs-ukraine-war-anniversary-2023-02-24/ |work=Reuters |date=2023}}</ref>

=== {{anchor|Second}} 11th round: June 2023 ===
{{see also|International sanctions during the Russian invasion of Ukraine}}

Since April 2014, the [[European Union]] has applied eleven rounds of sanctions against the [[Russian Federation]]. The most recent 11th round of sanctions in June 2023 focused on dual-use items, including computer chips, and as well as an attempt to limit ship-to-ship transactions of sanctioned goods. More suspensions of Russian broadcasting licenses in Europe were also announced.<ref>[https://apnews.com/article/european-union-sanctions-against-russia-ukraine-war-8df4e2ce3eeff80626c6a84bb86b3150 "European Union countries agree on a new package of sanctions against Russia over the war in Ukraine"]
(June 21, 2023). ''AP''. Accessed 25 June 2023.</ref>

The most recent measures included transport measures, including a full ban on Russian trucks and semi-trailers, limitations on ship-to-ship transfer taking place in the Exclusive Economic Zone of a member state or within 12 nautical miles from the baseline of that member state's coast, a total ban on Russian pipeline oil transfers through the northern branch of the [[Druzhba pipeline]] to Germany and Poland, new export and export restrictions on Russia's defense materials as well as goods and technology suited for use in the aerospace industry and [[jet fuel]] and fuel additives. Sanctions were also imposed on Russian intellectual property rights and their transfer as well as new criteria on sanctions in the Russian IT-sector with a license issued by the Russian Federal Security Service (FSB) and the Russian Ministry of Industry and Trade.<ref>[https://www.dentons.com/en/insights/alerts/2023/july/20/eu-adopts-11th-sanctions-package-against-russia "EU adopts 11th sanctions package against Russia"] ''dentons.com''. Accessed 25 July 2023.</ref>

==== Oil ====
{{see also|2022 Russian crude oil price cap sanctions|2023 Russian oil products sanctions and price cap}}
[[File:Russian oil exports destination.webp|thumb|Russian oil exports by destination. Russia exported almost 5 million barrels a day in 2020.<ref>{{cite web |url=https://www.eia.gov/international/analysis/country/RUS |title=International - Russia |publisher=[[U.S. Energy Information Administration]] (EIA) |access-date=2022-03-24 |archive-date=17 February 2021 |archive-url=https://web.archive.org/web/20210217013340/https://www.eia.gov/international/analysis/country/RUS |url-status=live }}</ref>]]Senator [[Roger Marshall (politician)|Roger Marshall]] introduced a bill on 1 March 2022 banning US imports of Russian oil, supported by the GOP minority leader of the [[Senate Committee on Energy and Natural Resources]] and seven other Republicans. The first move by a Western nation to impose a flat blockade on Russian petroleum, its top moneymaker, came a day prior from Canada. Canadian Prime Minister [[Justin Trudeau]] said that it "sends a powerful message."<ref>{{cite news|url=https://www.foxnews.com/politics/sen-marshall-bill-banning-us-imports-russian-oil|title=Sen. Marshall introduces bill banning US imports of Russian oil|first=Caitlin|last=McFall|date=1 March 2022|access-date=8 March 2022|archive-date=8 March 2022|archive-url=https://web.archive.org/web/20220308053926/https://www.foxnews.com/politics/sen-marshall-bill-banning-us-imports-russian-oil|url-status=live}}</ref><ref>{{cite news|url=https://www.foxnews.com/politics/blinken-strategic-interest-russia-energy-sanctions|title=Blinken says 'no strategic interest' in Russia energy sanctions, resists calls for oil import ban|date=4 March 2022|first=Peter|last=Aitken|access-date=8 March 2022|archive-date=8 March 2022|archive-url=https://web.archive.org/web/20220308053926/https://www.foxnews.com/politics/blinken-strategic-interest-russia-energy-sanctions|url-status=live}}</ref>

On 8 March, President [[Joe Biden]] ordered a ban on imports of oil, gas and coal from Russia to the US.<ref>{{cite news |url=https://apnews.com/article/russia-ukraine-war-us-russia-oil-ban-120c0152cf310a5b593f6ae7a2857e62 |title=US strikes harder at Putin, banning all Russian oil imports |last1=Miller |first1=Zeke |last2=Balsamo |first2=Mike |last3=Boak |first3=Josh |website=Associated Press |date=9 March 2022 |access-date=11 March 2022 |archive-date=10 March 2022 |archive-url=https://web.archive.org/web/20220310235219/https://apnews.com/article/russia-ukraine-war-us-russia-oil-ban-120c0152cf310a5b593f6ae7a2857e62 |url-status=live }}</ref><gallery mode="nolines" widths="270" heights="110">
File:US imports of Russian Oil a Month.webp|alt=|US imports of Russian oil by month before ban</gallery>

[[File:Oil price benchmarks.webp|thumb|370px|
{{legend-line|#929292 solid 3px|[[West Texas Intermediate]]}}
{{legend-line|#000000 solid 3px|[[Brent Crude]]}}
{{legend-line|#EE220C solid 3px|[[Urals oil]] (Russian export mix)}}
{{legend-line|#00A2FF solid 3px|[[Dubai Crude]]}}
{{legend-line|#A21726 solid 3px|[[OPEC Reference Basket]]}}
]]
On September 2, 2022, the G7 group of nations agreed to [[2022 Russian oil price cap|cap the price of Russian oil]] in order to reduce Russia's ability to finance its war with Ukraine without further increasing inflation.<ref>{{cite web | url=https://edition.cnn.com/2022/09/02/business/russia-oil-price-cap-g7-intl-hnk/index.html | title=G7 countries agree to cap the price of Russian oil | date=2 September 2022 }}</ref> Joined by the European Union and Australia, the sanctions come into effect on 5 December 2022.<ref name="OFAC1">{{cite web |title=OFAC Guidance on Implementation of the Price Cap Policy for Crude Oil of Russian Federation Origin |url=https://home.treasury.gov/system/files/126/price_cap_policy_guidance_11222022.pdf |access-date=25 November 2022}}</ref> From 5 February 2023 an [[2023 Russian oil products sanctions and price cap|oil products price cap]] came into effect.

The EU banned all imports of refined oil products from Russia in February 2023, the UK banned Russian oil imports from December 2022.<ref>{{cite news |title=What are the sanctions on Russia and are they hurting its economy? |work=BBC News |date=27 January 2022 |url=https://www.bbc.co.uk/news/world-europe-60125659 |access-date=25 November 2022}}</ref> EU imports of oil by ship have fallen by 1.2m bpd to under 0.1m bpd.<ref>{{cite news |title=Russia Loses 90% of Its Key European Oil Market Before Sanctions | website=[[Bloomberg News]] | date=21 November 2022 |url=https://www.bloomberg.com/news/articles/2022-11-21/russia-loses-90-of-its-key-european-market-before-sanctions?leadSource=uverify%20wall |access-date=25 November 2022}}</ref>

Russia's oil and gas revenue for Q1 of 2023 was 1.6 trillion rubles ($19.61 billion), far below the budget for 2023 of 8.9 trillion roubles ($35 billion) per quarter and the 2022 revenue which averaged $42 billion per quarter.<ref>{{cite web |title=Oil and gas budget revenues reach $19.61 bln in Q1 2023 — Finance Ministry |url=https://tass.com/economy/1601475 |date=7 April 2023}}</ref><ref name="energy73">{{cite web |title=Insight: Weighed down oil prices support lowering the price cap on Russian oil |url=https://energyandcleanair.org/insight-weighed-down-oil-prices-support-lowering-the-price-cap-on-russian-oil/ |date=7 March 2023}}</ref>

On 16 November 2023, the [[US Treasury Department]] sanctioned maritime companies and vessels for supplying Russian oil sold above the G7’s price cap. The  sanctions targeted three companies of the [[UAE]]-based companies, including Kazan Shipping Incorporated, Progress Shipping Company Limited and Gallion Navigation Incorporated, which were alleged of exporting Russian crude oil above the $60 a barrel cap. The Emirati vessels were reportedly using US personnel for transporting the Russian crude oil.<ref>{{Cite news |last1=Psaledakis |first1=Daphne | last2=Sanicola |first2=Laura | date=2023-11-16 |title= US sanctions maritime companies, vessels for shipping oil above Russian price cap |language=en |work=Reuters |url= https://www.reuters.com/business/energy/us-targets-maritime-companies-vessels-shipping-oil-above-russian-price-cap-2023-11-16/|access-date=2023-11-19}}</ref>

==== Banking ====
In a 22 February speech,<ref name="white house feb. 22">{{cite web|date=22 February 2022 |title=Remarks by President Biden Announcing Response to Russian Actions in Ukraine |url=https://www.whitehouse.gov/briefing-room/speeches-remarks/2022/02/22/remarks-by-president-biden-announcing-response-to-russian-actions-in-ukraine/ |url-status=live |archive-url=https://web.archive.org/web/20220223034835/https://www.whitehouse.gov/briefing-room/speeches-remarks/2022/02/22/remarks-by-president-biden-announcing-response-to-russian-actions-in-ukraine/ |archive-date=23 February 2022 |access-date=24 February 2022 |website=[[The White House]]}}</ref> US president [[Joe Biden]] announced restrictions against four Russian banks, including [[VEB.RF|V.E.B.]], as well as on corrupt billionaires close to Putin.<ref>{{cite news |last1=Holland |first1=Steve |last2=Mason |first2=Jeff |last3=Psaledakis |first3=Daphne |last4=Alper |first4=Alexandra |date=23 February 2022 |title=Biden puts sanctions on Russian banks and elites as he says Ukraine invasion has begun |work=[[Reuters]] |url=https://www.reuters.com/world/white-house-announce-fresh-sanctions-russia-over-ukraine-2022-02-22/ |url-status=live |archive-url=https://web.archive.org/web/20220224105454/https://www.reuters.com/world/white-house-announce-fresh-sanctions-russia-over-ukraine-2022-02-22/ |archive-date=24 February 2022 |access-date=2 March 2022 }}</ref><ref>{{cite news |title=Biden unveils new Russia sanctions over Ukraine invasion |url=https://www.aljazeera.com/news/2022/2/24/biden-unveils-new-russia-sanctions-over-ukraine-invasion |url-status=live |archive-url=https://web.archive.org/web/20220302002643/https://www.aljazeera.com/news/2022/2/24/biden-unveils-new-russia-sanctions-over-ukraine-invasion |archive-date=2 March 2022 |access-date=2 March 2022 |publisher=[[Al Jazeera English|Al Jazeera]] }}</ref> UK prime minister [[Boris Johnson]] announced that all major Russian banks would have their assets frozen and be excluded from the UK financial system, and that some export licences to Russia would be suspended.<ref name="auto1">{{cite web |title=Ukraine-Russia invasion: Russia launches attack on Ukraine from several fronts |url=https://www.bbc.co.uk/news/live/world-europe-60454795 |url-status=live |archive-url=https://web.archive.org/web/20220221183326/https://www.bbc.co.uk/news/live/world-europe-60454795 |archive-date=21 February 2022 |access-date=24 February 2022 |publisher=BBC News}}</ref> He also introduced a deposit limit for Russian citizens in UK bank accounts, and froze the assets of over 100 additional individuals and entities.<ref>{{cite news|date=24 February 2022 |title=Ukraine conflict: UK sanctions target Russia banks and oligarchs |publisher=BBC News |url=https://www.bbc.co.uk/news/uk-60515626 |url-status=live |archive-url=https://ghostarchive.org/archive/20220226/https://www.bbc.co.uk/news/uk-60515626 |archive-date=26 February 2022 |access-date=24 February 2022}}</ref>

The foreign ministers of the [[Baltic states]] called for Russia to be cut off from [[SWIFT]], the global messaging network for international payments. Concern was expressed in Europe because European lenders held most of the nearly $30 billion in foreign banks' exposure to Russia and because China had developed an alternative to SWIFT called [[Cross-Border Interbank Payment System|CIPS]]; a weaponisation of SWIFT would provide greater impetus to the development of CIPS which, in turn, could weaken SWIFT.<ref>{{cite news |title=The hidden costs of cutting Russia off from SWIFT |url=https://www.economist.com/finance-and-economics/2021/12/18/the-hidden-costs-of-cutting-russia-off-from-swift |newspaper=[[The Economist]] |access-date=24 February 2022 |archive-date=24 February 2022 |archive-url=https://web.archive.org/web/20220224074616/https://www.economist.com/finance-and-economics/2021/12/18/the-hidden-costs-of-cutting-russia-off-from-swift |url-status=live }}</ref><ref>{{cite web |title=EU unlikely to cut Russia off SWIFT for now, sources say |url=https://www.msn.com/en-gb/news/world/eu-unlikely-to-cut-russia-off-swift-for-now-sources-say/ar-AAUf89H |website=[[Reuters]] |access-date=24 February 2022 |date=24 February 2022 |archive-date=24 February 2022 |archive-url=https://web.archive.org/web/20220224174222/https://www.msn.com/en-gb/news/world/eu-unlikely-to-cut-russia-off-swift-for-now-sources-say/ar-AAUf89H |url-status=live }}</ref> Other leaders calling for Russia to be stopped from accessing SWIFT include Czech president [[Miloš Zeman]],<ref>{{cite web |title=Czech president: Russia should be cut off from SWIFT |url=https://finance.yahoo.com/news/czech-president-russia-cut-off-102059014.html |website=[[Reuters]] |access-date=24 February 2022 |date=24 February 2022 |archive-date=24 February 2022 |archive-url=https://web.archive.org/web/20220224124430/https://finance.yahoo.com/news/czech-president-russia-cut-off-102059014.html |url-status=live }}</ref> and UK prime minister Boris Johnson.<ref>{{cite news |title=UK politics live: Boris Johnson making statement on sanctions; PM 'trying to persuade G7 to remove Russia from Swift payments system' |url=https://www.msn.com/en-gb/news/world/uk-politics-live-boris-johnson-e2-80-98trying-to-persuade-g7-to-remove-russia-from-swift-payments-system-e2-80-99/ar-AAUeLPE |work=[[The Guardian]] |access-date=24 February 2022 |date=24 February 2022 |archive-date=24 February 2022 |archive-url=https://web.archive.org/web/20220224174211/https://www.msn.com/en-gb/news/world/uk-politics-live-boris-johnson-e2-80-98trying-to-persuade-g7-to-remove-russia-from-swift-payments-system-e2-80-99/ar-AAUeLPE |url-status=live }}</ref> On 26 February, the German foreign minister [[Annalena Baerbock]] and economy minister [[Robert Habeck]] made a joint statement backing targeted restrictions of Russia from SWIFT.<ref>{{cite news |last=Pop |first=Valentina |date=25 February 2022 |title=EU leaders agree more Russia sanctions, but save some for later |work=[[Financial Times]] |url=https://www.ft.com/content/8b99b33b-92b0-42f4-ac02-ecbc9fae4c4c |url-status=live |archive-url=https://web.archive.org/web/20220225155259/https://www.ft.com/content/8b99b33b-92b0-42f4-ac02-ecbc9fae4c4c |archive-date=25 February 2022 |access-date=25 February 2022 }}</ref><ref>{{cite web |title=Germany Backs 'Targeted' Russian SWIFT Removal: Ukraine Update |url=https://www.yahoo.com/now/kyiv-fighting-ongoing-no-word-072739163.html |archive-url=https://web.archive.org/web/20220226175647/https://www.yahoo.com/now/kyiv-fighting-ongoing-no-word-072739163.html |archive-date=26 February 2022 |website=Yahoo |publisher=[[Yahoo News]] |access-date=26 February 2022 |url-status=live }}</ref> Shortly thereafter, it was announced that major Russian banks would be removed from SWIFT, although there would still be limited accessibility to ensure the continued ability to pay for gas shipments.<ref>{{cite web |title=Western allies will remove Russian banks from Swift |url=https://www.bbc.com/news/live/world-europe-60517447 |publisher=BBC News |access-date=26 February 2022 |archive-date=25 February 2022 |archive-url=https://web.archive.org/web/20220225085334/https://www.bbc.com/news/live/world-europe-60517447 |url-status=live }}</ref>

[[File:Russia forex reserves.png|thumb|300px|Foreign-exchange reserves of the Central Bank of Russia. In 2014 Prime minister [[Dmitry Medvedev]] has admitted the sanctions have hurt the Russian economy, leading to a loss of "tens of billions of dollars because of the sanctions."<ref name=reutersinterviewmedvedev>{{cite news|url=https://www.reuters.com/article/us-russia-medvedev-sanctions-idUSKBN0JO0SR20141210 |title=Rouble fall, sanctions hurt Russia's economy: Medvedev |author-last1=Golubkova |author-first1=Katya |author-last2=Baczynska |author-first2=Gabriela |date=10 December 2014 |publisher=Reuters |access-date=1 June 2015 |archive-url=https://web.archive.org/web/20150629225120/http://www.reuters.com/article/2014/12/10/us-russia-medvedev-sanctions-idUSKBN0JO0SR20141210 |archive-date=29 June 2015 |url-status=live |df=dmy-all}}</ref>]]

It was also announced that the West would place sanctions on the Russian Central Bank, which holds $630bn in foreign reserves, to prevent it from liquidating assets to offset the impact of sanctions.<ref>{{cite news |last1=Fleming |first1=Sam |last2=Solomon |first2=Erika |last3=Borrelli |first3=Silvia Sciorilli |title=Italy move adds to EU momentum for cutting Russian banks from Swift |url=https://www.ft.com/content/073a37d5-4daf-49ed-b5bc-a4682ef1aa88 |archive-url=https://web.archive.org/web/20220303085616/https://www.ft.com/content/073a37d5-4daf-49ed-b5bc-a4682ef1aa88 |archive-date=3 March 2022 |work=[[Financial Times]] |date=26 February 2022 |access-date=5 March 2022 |url-status=live }}</ref>

On 26 February, two Chinese state banks—the [[Industrial and Commercial Bank of China]], which is the largest bank in the world, and the [[Bank of China]], which is the country's biggest currency trader—were limiting financing to purchase Russian raw materials, which was limiting Russian access to foreign currency.<ref>{{cite web |title=Chinese banks limit financing for Russian purchases: Bloomberg |url=https://news.yahoo.com/chinese-banks-limit-financing-russian-060155712.html |url-status=live |archive-url=https://web.archive.org/web/20220228041421/https://news.yahoo.com/chinese-banks-limit-financing-russian-060155712.html |archive-date=28 February 2022 |website=[[Agence France-Presse]] |access-date=28 February 2022 |date=26 February 2022 }}</ref> On 28 February, Switzerland and Monaco froze a number of Russian assets and joined EU sanctions. According to [[Ignazio Cassis]], the [[president of the Swiss Confederation]], the decision was unprecedented but consistent with [[Swiss neutrality]].<ref>{{cite web |last=Cumming-Bruce |first=Nick |date=28 February 2022 |title=Switzerland says it will freeze Russian assets, setting aside a tradition of neutrality. |url=https://ww.nytimes.com/2022/02/28/world/europe/switzerland-russian-assets-freeze.html |url-status=live |archive-url=https://ghostarchive.org/archive/20220301/https://ww.nytimes.com/2022/02/28/world/europe/switzerland-russian-assets-freeze.html |archive-date=1 March 2022 |access-date=1 March 2022 |website=[[The New York Times]]}}</ref><ref>{{cite news |title=Monaco clamps down on Russian assets after Ukraine invasion |url=https://www.reuters.com/business/wealth-hub-monaco-also-clamping-down-russian-assets-following-ukraine-invasion-2022-02-28/ |url-status=live |archive-url=https://web.archive.org/web/20220305043721/https://www.reuters.com/business/wealth-hub-monaco-also-clamping-down-russian-assets-following-ukraine-invasion-2022-02-28/ |archive-date=5 March 2022 |access-date=1 March 2022 |work=[[Reuters]] |date=28 February 2022 }}</ref> 
[[File:Informal meeting of economic and financial affairs ministers (ECOFIN). Arrivals Bruno Le Maire (36441297923).jpg|thumb|upright|French Finance Minister [[Bruno Le Maire]] claimed earlier that the EU "will bring about the collapse" of the [[economy of Russia]].<ref>{{cite web |date=1 March 2022 |title=French finance minister: We will bring about collapse of the Russian economy |url=https://www.thelocal.fr/20220301/french-finance-minister-we-will-bring-about-collapse-of-the-russian-economy/ |access-date=3 March 2022 |website=[[The Local France]] |archive-date=1 March 2022 |archive-url=https://web.archive.org/web/20220301154414/https://www.thelocal.fr/20220301/french-finance-minister-we-will-bring-about-collapse-of-the-russian-economy/ |url-status=live }}</ref>]]

[[Singapore]] became the first Southeast Asian country to impose sanctions on Russia by restricting banks and transactions linked to Russia;<ref>{{cite news |date=28 February 2022 |title=Singapore to impose banking, trade restrictions on Russia |url=https://asia.nikkei.com/Politics/Ukraine-conflict/Singapore-to-impose-banking-trade-restrictions-on-Russia |url-status=live |archive-url=https://web.archive.org/web/20220228135344/https://asia.nikkei.com/Politics/Ukraine-conflict/Singapore-to-impose-banking-trade-restrictions-on-Russia |archive-date=28 February 2022 |work=[[Nikkei Asia]] |location= |access-date=28 February 2022 }}</ref> the move was described by the ''[[South China Morning Post]]'' as being "almost unprecedented".<ref>{{cite news |first1=Bhavan |last1=Jaipragas |title=Singapore to slap unilateral sanctions on Russia in 'almost unprecedented' move |url=https://www.scmp.com/week-asia/politics/article/3168648/ukraine-invasion-singapore-impose-unilateral-sanctions-russia |access-date=28 February 2022 |work=[[South China Morning Post]] |date=28 February 2022 |archive-url=https://web.archive.org/web/20220228145838/https://www.scmp.com/week-asia/politics/article/3168648/ukraine-invasion-singapore-impose-unilateral-sanctions-russia |archive-date=28 February 2022 |url-status=live}}</ref>

On 28 February, [[Japan]] announced that its central bank would join sanctions by limiting transactions with Russia's central bank.<ref>{{cite news |last1=Kajimoto |first1=Tetsushi |last2=Komiya |first2=Kantaro |date=28 February 2022 |title=Japan joins sanctions on Russian central bank, says 'Japan is with Ukraine' |work=[[Reuters]] |url=https://www.reuters.com/business/japan-govt-cbank-executives-meet-ukraine-crisis-jolts-markets-2022-02-28/ |url-status=live |archive-url=https://web.archive.org/web/20220301013600/https://www.reuters.com/business/japan-govt-cbank-executives-meet-ukraine-crisis-jolts-markets-2022-02-28/ |archive-date=1 March 2022 |access-date=1 March 2022 }}</ref>  The Central Bank of Russia was blocked from accessing more than $400 billion in [[List of countries by foreign-exchange reserves|foreign-exchange reserves]] held abroad.<ref name=":1" /><ref>{{cite news |title=The West's Plan to Isolate Putin: Undermine the Ruble |url=https://www.nytimes.com/2022/02/28/business/russia-sanctions-central-bank-ruble.html |url-status=live |archive-url=https://web.archive.org/web/20220302161145/https://www.nytimes.com/2022/02/28/business/russia-sanctions-central-bank-ruble.html |archive-date=2 March 2022 |work=[[The New York Times]] |date=28 February 2022 |access-date=2 March 2022 }}</ref> [[Sergei Aleksashenko]], the former Russian deputy finance minister, said: "This is a kind of financial nuclear bomb that is falling on Russia."<ref>{{cite news |title=The West declares economic war on Russia |url=https://www.politico.com/newsletters/morning-money/2022/02/28/the-west-declares-economic-war-on-russia-00012208 |url-status=live |archive-url=https://web.archive.org/web/20220302124808/https://www.politico.com/newsletters/morning-money/2022/02/28/the-west-declares-economic-war-on-russia-00012208 |archive-date=2 March 2022 |work=[[Politico]] |date=28 February 2022 |access-date=2 March 2022 }}</ref> EU foreign affairs chief [[Josep Borrell]] said that Western governments "cannot block the reserves of the Russian central bank in Moscow or in China".<ref>{{cite news |title=Sanctions on Russia Puts Focus on China's Central Bank |url=https://www.bloomberg.com/news/articles/2022-02-28/sanctions-on-russia-puts-focus-on-china-s-central-bank |work=Bloomberg |date=28 February 2022 |access-date=5 March 2022 |archive-date=1 March 2022 |archive-url=https://web.archive.org/web/20220301015301/https://www.bloomberg.com/news/articles/2022-02-28/sanctions-on-russia-puts-focus-on-china-s-central-bank |url-status=live }}</ref>

On 1 March, the French finance minister [[Bruno Le Maire]] said that Russian assets being frozen by sanctions amounted to $1 trillion.<ref>{{cite news |title=The West's $1 trillion bid to collapse Russia's economy |url=https://edition.cnn.com/2022/03/01/business/russia-economy-sanctions/index.html |work=[[CNN]] |date=1 March 2022 |access-date=2 March 2022 |archive-date=1 March 2022 |archive-url=https://web.archive.org/web/20220301190345/https://edition.cnn.com/2022/03/01/business/russia-economy-sanctions/index.html |url-status=live }}</ref> [[South Korea]] announced it would stop all transactions with 7 main Russian banks and their affiliates, restrict the purchase of Russian treasury bonds, and agreed to "immediately implement" and join any further economics sanctions imposed against Russia by the [[European Union]].<ref>{{cite web |last=Kim |first=Hyun-cheol |date=1 March 2022 |title=정부, 러시아 주요 7개 은행 거래 중지...국고채 거래도 중단 |trans-title=Government suspends trading with 7 major Russian banks... also suspends KTB trading |url=https://www.fnnews.com/news/202203011644322929 |access-date=7 March 2022 |website=fnnews.com |language=ko-KR |archive-date=2 March 2022 |archive-url=https://web.archive.org/web/20220302202233/https://www.fnnews.com/news/202203011644322929 |url-status=live }}</ref><ref>{{cite web |date=2 March 2022 |title=한·미 재무 당국, '우크라 침공' 대러 제재 협의…美 "韓정부 발표 환영" |trans-title=South Korea and US financial authorities discuss sanctions against Russia for 'invasion of Ukraine'... US "welcomes South Korean government announcement" |url=https://www.newsis.com/view/?id=NISX20220302_0001777337 |access-date= |website=newsis.com |language=ko |archive-date=7 March 2022 |archive-url=https://web.archive.org/web/20220307104007/https://www.newsis.com/view/?id=NISX20220302_0001777337 |url-status=live }}</ref>

Following sanctions and criticisms of their relations with Russian business, many companies chose to exit Russian or Belarusian markets voluntarily or in order to avoid potential future sanctions.<ref name=":3">{{cite news |date=1 March 2022 |title=Sanctions on Russia: asset managers are making a disorderly retreat |work=[[Financial Times]] |url=https://www.ft.com/content/c2464320-27cf-4072-9ba6-f62834025e45 |access-date=2 March 2022 |archive-date=3 March 2022 |archive-url=https://web.archive.org/web/20220303161411/https://www.ft.com/content/c2464320-27cf-4072-9ba6-f62834025e45 |url-status=live }}</ref> Visa, Mastercard, and American Express independently blocked Russian banks as of 2 March.<ref>{{cite web |date=2 March 2022 |title=Visa, Mastercard, Amex block Russian banks after sanctions |url=https://www.france24.com/en/live-news/20220302-visa-mastercard-amex-block-russian-banks-after-sanctions |access-date=2 March 2022 |website=[[France 24]] |archive-date=2 March 2022 |archive-url=https://web.archive.org/web/20220302202157/https://www.france24.com/en/live-news/20220302-visa-mastercard-amex-block-russian-banks-after-sanctions |url-status=live }}</ref> Following Swiss sanctions on Russia, [[Credit Suisse]] issued orders to destroy documents linking Russian oligarchs to yacht loans, a move which led to considerable criticism.<ref>{{cite news |last=Smith |first=Robert |date=2 March 2022 |title=Credit Suisse asks investors to destroy oligarch loans documents |work=[[Financial Times]] |url=https://www.ft.com/content/bfea0069-4143-4e4b-accb-9712ce95a282 |access-date=2 March 2022 |archive-date=2 March 2022 |archive-url=https://web.archive.org/web/20220302131452/https://www.ft.com/content/bfea0069-4143-4e4b-accb-9712ce95a282 |url-status=live }}</ref>

In July 2023 Russia attempted to get the SWIFT ban partially lifted by making it a condition to extending the [[Black Sea Grain Initiative]].<ref>{{Cite news |date=2023-07-03 |title= EU weighs concession to Russian bank over Black Sea grain deal|language=en |work=Alarabiya |url=https://english.alarabiya.net/News/world/2023/07/03/EU-weighs-concession-to-Russian-bank-to-safeguard-Black-Sea-grain-deal |access-date=2023-07-04}}</ref>

=====The ruble=====
In 2013 there were around 35 rubles to the US dollar. Following the seizure of Crimea and sanctions starting, the ruble fell. In 2015-2019 it traded in the 60-70 range. In 2020-2021 it moved to the 70-80 range and since the 2022 invasion of Ukraine and a large increase in sanctions, it has slowly declined to reach 100 in August 2023.<ref>{{cite web |title=How the collapse of the ruble could impact the war in Ukraine |website=[[The Week]] |url=https://theweek.com/talking-point/1025830/ruble-collapse-ukraine-russia-war |date=16 August 2023}}</ref>

==== Dual-use ban ====
{{see also|Dual-use technology}}
The US instituted [[export control]]s, a novel sanction focused on restricting Russian access to high-tech components, both hardware and software, made with any parts or intellectual property from the US. The sanction required that any person or company that wanted to sell technology, semiconductors, encryption software, lasers, or sensors to Russia request a licence, which by default was denied. The enforcement mechanism involved sanctions against the person or company, with the sanctions focused on the shipbuilding, aerospace, and defence industries.<ref>{{cite web |title=Executive Order 14065 of February 21, 2022 &mdash; Blocking Property of Certain Persons and Prohibiting Certain Transactions With Respect to Continued Russian Efforts To Undermine the Sovereignty and Territorial Integrity of Ukraine |url=https://www.federalregister.gov/documents/2022/02/23/2022-04020/blocking-property-of-certain-persons-and-prohibiting-certain-transactions-with-respect-to-continued |access-date=6 March 2022 |archive-date=9 March 2022 |archive-url=https://web.archive.org/web/20220309034822/https://www.federalregister.gov/documents/2022/02/23/2022-04020/blocking-property-of-certain-persons-and-prohibiting-certain-transactions-with-respect-to-continued |url-status=live }}</ref><ref>{{cite news |title=America has targeted Russia's technological fabric |url=https://www.economist.com/business/2022/02/25/america-has-targeted-russias-technological-fabric |url-status=live |archive-url=https://web.archive.org/web/20220225184843/https://www.economist.com/business/2022/02/25/america-has-targeted-russias-technological-fabric |archive-date=25 February 2022 |newspaper=[[The Economist]] |date=25 February 2022 |access-date=25 February 2022 }}</ref>

=== EU sanctions ===
[[File:Sign removal at Gazprom's Vienna office, March 2022.jpg|thumb|right|A worker removes the sign from Gazprom's office in Vienna in March 2022]]On the morning of 24 February, [[Ursula von der Leyen]], the [[president of the European Commission]], announced "massive" EU sanctions to be adopted by the union. The sanctions targeted technological transfers, Russian banks, and Russian assets.<ref>{{cite web|date=24 February 2022 |title='Massive' EU sanctions to target Putin's war chest |url=https://euobserver.com/world/154423 |url-status=live |archive-url=https://web.archive.org/web/20220224092204/https://euobserver.com/world/154423 |archive-date=24 February 2022 |access-date=24 February 2022 |website=[[EUobserver]]}}</ref> [[Josep Borrell]], the [[High Representative of the Union for Foreign Affairs and Security Policy]], stated that Russia would face "unprecedented isolation" as the EU would impose the "harshest package of sanctions [which the union has] ever implemented". He also said that "these are among the darkest hours of Europe since the Second World War".<ref>{{cite web |date=24 February 2022 |title=Russia's aggression against Ukraine: Press Statement by High Representative/Vice-President Josep Borrell |url=https://eeas.europa.eu/headquarters/headquarters-homepage/111476/russias-aggression-against-ukraine-press-statement-high-representativevice-president-josep_en |url-status=live |access-date=24 February 2022 |website=eeas.europa.eu |publisher=[[European External Action Service]] |archive-date=24 February 2022 |archive-url=https://web.archive.org/web/20220224091345/https://eeas.europa.eu/headquarters/headquarters-homepage/111476/russias-aggression-against-ukraine-press-statement-high-representativevice-president-josep_en }}</ref> President of the European Parliament [[Roberta Metsola]] called for "immediate, quick, solid and swift action" and convened an extraordinary session of Parliament for 1 March.<ref>{{cite web |url=https://www.euronews.com/2022/02/17/european-parliament-president-calls-for-solid-and-swift-action-if-ukraine-crisis-escalates |title=European Parliament president calls for "solid and swift" action if Ukraine crisis escalates |date=17 February 2022 |access-date=25 February 2022 |archive-date=18 February 2022 |archive-url=https://web.archive.org/web/20220218000458/https://www.euronews.com/2022/02/17/european-parliament-president-calls-for-solid-and-swift-action-if-ukraine-crisis-escalates |url-status=live }}</ref><ref>{{cite web |url=https://www.maltatoday.com.mt/news/ewropej/115160/meps_will_hold_extraordinary_plenary_over_russian_invasion#.YhjC-y8zlQI |title=MEPs will hold extraordinary plenary over Russian invasion |access-date=25 February 2022 |website=[[Malta Today]] |archive-date=24 February 2022 |archive-url=https://web.archive.org/web/20220224222045/https://www.maltatoday.com.mt/news/ewropej/115160/meps_will_hold_extraordinary_plenary_over_russian_invasion |url-status=live }}</ref>

In May 2022, the [[European Commission]] proposed and approved a partial ban on [[Russia in the European energy sector|oil imports from Russia]],<ref>{{cite news |url=https://www.npr.org/2022/05/04/1096596286/eu-europea-russia-oil-ban |title=The EU just proposed a ban on oil from Russia, its main energy supplier |first=Bill |last=Chappell |website=[[NPR]] |date=4 May 2022}}</ref><ref>{{cite news |url=https://www.bbc.com/news/world-europe-61638860 |title=Russian oil: EU agrees compromise deal on banning imports |first=Steve |last=Rosenberg |website=[[BBC]] |date=31 May 2022}}</ref> part of the economic response to the Russian invasion of Ukraine.<ref>{{cite news |title=Oil prices jump after EU leaders agree to ban most Russian crude imports |url=https://www.cnbc.com/2022/05/31/oil-prices-eu-russian-crude.html |work=CNBC |date=31 May 2022}}</ref>

European sanctions are imposed according to Decision 2014/145/CFSP<ref>{{CELEX|32014D0145|text=Council Decision 2014/145/CFSP of 17 March 2014 concerning restrictive measures in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine}}</ref> of the European Council and EU Regulation 269/2014,<ref>{{CELEX|32014R0269|text=Council Regulation (EU) No 269/2014 of 17 March 2014 concerning restrictive measures in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine}}</ref> which authorize the freezing of assets.

Josep Borrell said he wants EU countries to confiscate frozen [[List of countries by foreign-exchange reserves|foreign-exchange reserves]] of the Russian central bank —which amount to over $300 billion— to cover the costs of rebuilding Ukraine after the war. Russian Deputy Foreign Minister [[Alexander Grushko]] remarked that Borrell's initiative amounted to "complete lawlessness" and said it would hurt Europe if adopted.<ref>{{cite news |title=EU should seize Russian reserves to rebuild Ukraine, Borrell tells Financial Times |url=https://www.reuters.com/world/europe/eu-should-seize-russian-reserves-rebuild-ukraine-borrell-says-ft-2022-05-09/ |work=Reuters |date=9 May 2022}}</ref><ref>{{cite news |title=Germany open to Russian Central Bank asset seizure to finance Ukraine's recovery |url=https://www.euractiv.com/section/eastern-europe/news/germany-open-to-russian-central-bank-asset-seizure-to-finance-ukraines-recovery/ |work=[[Euractiv]] |date=17 May 2022}}</ref> In June 2023, [[Christine Lagarde]], President of the [[European Central Bank]] countered EU President, [[Ursula von der Leyen]]'s plan to use confiscated Russian assets for rebuilding war-torn Ukraine. Such a plan would "undermine the legal and economic foundations of the Euro internationally", according to Lagarde.<ref>[https://weltwoche.ch/daily/showdown-in-bruessel-ezb-chefin-lagarde-weist-eu-chefin-von-der-leyen-in-die-schranken-mit-russischem-vermoegen-koenne-sie-nicht-machen-was-sie-will/ "EZB-Chefin Lagarde weist EU-Chefin von der Leyen in die Schranken. Mit russischem Vermögen könne sie nicht machen, was sie wolle"] (in German) ''Weltwoche.ch''. Accessed 35 June 2023.</ref>

Since February 2022, the [[European Union]] has sanctioned exports to the [[Russian Federation]] at a total value of €43.9 billion and imports to the EU worth €91.2 billion, including financial and legal services.<ref>[https://www.consilium.europa.eu/en/policies/sanctions/restrictive-measures-against-russia-over-ukraine/sanctions-against-russia-explained/ EU sanctions against Russia explained] European Council of the European Union. ''consilium.europa.eu''. Accessed 20 April 2023.</ref>

In January 2024, authorities in the Netherlands, Germany, Latvia, and Lithuania arrested three suspects for breaching EU sanctions against Russia. [[Europol]] and [[Eurojust]] supported this investigation, which revealed that a Dutch company had illegally shipped goods from Germany through Latvia and Lithuania to Russia, violating sanctions due to Russia's aggression against Ukraine.<ref>{{Cite news |date=2024-01-24 |title=Three arrested for exporting military goods to Russia |language=en |work=Europol |url=https://www.europol.europa.eu/media-press/newsroom/news/three-arrested-for-exporting-military-goods-to-russia |access-date=2024-02-20}}</ref>

==== European impoundment of ships ====
A 5 April 2022 article by Insider claims the total cost of yachts impounded throughout Europe be over $2 billion. This amount includes the motoryacht ''Tango'', seized pursuant to United States sanctions with Spanish assistance.<ref>{{cite web |last1=Mitchell |first1=Taiyler Simone |title=Over $2 billion worth of yachts belonging to Russian oligarchs have been seized in Europe so far |url=https://www.businessinsider.com/over-billion-worth-russian-oligarch-yachts-seized-europe-2022-4 |website=Insider |publisher=[[Insider Inc.]] |access-date=5 April 2022 |date=4 April 2022}}</ref>

* France
On 26 February, the [[French Navy]] intercepted Russian cargo ship ''Baltic Leader'' in the [[English Channel]]. The ship was suspected of belonging to a company targeted by the sanctions. The ship was escorted to the port of [[Boulogne-sur-Mer]] and was being investigated.<ref>{{cite news |last1=Sabin |first1=Lamiat |title=France intercepts Russia-bound cargo ship 'Baltic Leader' in the English Channel |url=https://www.independent.co.uk/news/world/europe/russia-cargo-ship-france-english-channel-b2023898.html |url-status=live |archive-url=https://web.archive.org/web/20220227205012/https://www.independent.co.uk/news/world/europe/russia-cargo-ship-france-english-channel-b2023898.html |archive-date=27 February 2022 |website=[[The Independent]] |access-date=26 February 2022 |date=26 February 2022 }}</ref>

On 2 March 2022, French customs officials seized the yacht ''Amore Vero'' at a shipyard in [[La Ciotat]]. The ''Amore Vero'' is believed to be owned by the sanctioned oligarch [[Igor Sechin]].<ref>{{cite web |title=SAISIE DU YACHT AMORE VERO |trans-title=SEIZURE OF THE YACHT AMORE VERO |url=https://minefi.hosting.augure.com/Augure_Minefi/default.ashx?WCI=EmailViewer&id=11c7ab95%2D419e%2D4c21%2Db3ba%2D51f3f7287e0f |website=Ministre de l'Économie et des Finances |access-date=5 April 2022 |language=fr |date=3 March 2022 }}</ref> Two yachts belonging to [[Alexei Kuzmichev]]of [[Alfa-Bank|Alfa Bank]] were seized by France on March 24.<ref>{{cite web |language=fr |title=Deux nouveaux yachts appartenant à un oligarque russe immobilisés dans les Alpes-Maritimes |trans-title=Two new yachts belonging to a Russian oligarch immobilized in the Alpes-Maritimes |website=Liberation.fr |url=https://www.liberation.fr/economie/deux-nouveaux-yachts-appartenant-a-un-oligarque-russe-immobilises-dans-les-alpes-maritimes-20220322_CGGX3MJWYBAW3DIR7IMOUX2N34/}}</ref>

* Germany
[[File:Sanctions against Russia and Belarus 2022.svg|thumb|300px|{{legend|#1c1cfd|Countries that have introduced sanctions on Russia and Belarus}}{{legend|#8307f6|Countries that have declared blocking the circumvention of sanctions}}
{{legend|#008080|Countries that have introduced single restrictions}}{{legend|#aa0000|Russia and Belarus}}<ref>{{cite news |title=List of sanctions against Russia after it invaded Ukraine |url=https://www.aljazeera.com/news/2022/2/25/list-of-sanctions-on-russia-after-invasion |work=Al Jazeera |date=3 March 2022}}</ref><ref>{{cite news |title=Did sanctions really hurt the Russian economy? |url=https://www.aljazeera.com/economy/2022/8/29/did-sanctions-really-hurt-the-russian-economy |work=Al Jazeera |date=29 August 2022}}</ref>]]
On 2 March 2022, German authorities immobilized ''[[Dilbar (yacht)|Dilbar]]'', owned by [[Alisher Usmanov]].<ref>{{cite web |last=Tognini |first=Giacomo |title=Germans Seize Russian Billionaire Alisher Usmanov's Mega-Yacht |url=https://www.forbes.com/sites/giacomotognini/2022/03/02/germans-seize-russian-billionaire-alisher-usmanovs-mega-yacht/ |access-date=2 March 2022 |website=[[Forbes]] |language=en}}</ref><ref>{{cite news |last1=Schwartz |first1=Brian |title=Russian oligarchs move yachts as U.S. looks to 'hunt down' and freeze assets |url=https://www.cnbc.com/2022/02/28/russian-oligarchs-move-yachts-as-us-moves-to-hunt-down-and-freeze-assets.html |access-date=1 March 2022 |work=[[CNBC]] |date=28 February 2022 |language=en}}</ref> She is reported to have cost $800 million, employ 84 full-time crew members, and contain the largest indoor swimming pool installed on a superyacht at 180 cubic metres.<ref>{{cite web|title=Video: Lürssen 156m superyacht Dilbar delivered to owner |url=https://www.boatinternational.com/yachts/news/video-lurssen-156m-dilbar-leaves-shipyard-for-delivery--25123 |url-status=live |archive-url=https://web.archive.org/web/20191028214137/https://www.boatinternational.com/yachts/news/video-lurssen-156m-dilbar-leaves-shipyard-for-delivery--25123 |archive-date=28 October 2019 |access-date=28 October 2019 |website=Boat International |language=en}}</ref>

* Greece 
On 19 April 2022, Greece announced the seizure of the Russian-flagged petroleum [[Tanker (ship)|tanker ship]] ''Pegas,'' which docked at [[Karystos]] after encountering rough seas. The seizure applies solely to the ship and not its cargo.<ref>{{Cite news |title=Russian-flagged tanker held at Karystos in compliance with EU, NATO sanctions |work=Athens-Macedonian News Agency |url=https://www.amna.gr/en/article/640689/Russian-flagged-tanker-held-at-Karystos-in-compliance-with-EU--NATO-sanctions |access-date=19 April 2022}}</ref>

* Italy
On 4 March, Italian police impounded ''[[Lady M (yacht)|Lady M]]''. Authorities believe the ship is owned by [[Alexei Mordashov]].<ref name=reuters>{{citation |title=Italy seizes yacht owned by Russian oligarch Mordashov |newspaper=[[Reuters]] |date=4 March 2022 |url=https://www.reuters.com/world/italy-seizes-yacht-owned-by-russian-oligarch-mordashov-source-2022-03-04/}}</ref> The same day, Italian police seized the yacht of [[Gennady Timchenko]], ''Lena'', in the port city of [[Sanremo]].<ref>{{cite web |date=4 March 2022 |title=Italy seizes Russian oligarch's yacht: govt |url=https://www.france24.com/en/live-news/20220304-italy-seizes-russian-oligarch-s-yacht-govt |access-date=5 March 2022 |website=[[France 24]] |language=en}}</ref> The yacht was also placed on a United States sanctions list.<ref>{{cite web|title=Russia-related Designations; Publication of new Frequently Asked Question |date=24 March 2022 |publisher=United States Department of the Treasury |url=https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20220324}}</ref> On 12 March 2022, Italian authorities in the port of [[Trieste]] seized the sailing yacht ''[[A (sailing yacht)|A]]'', known to be owned by [[Andrey Melnichenko (industrialist)|Andrey Melnichenko]]. A spokesperson for Melnichenko vowed to contest the seizure.<ref>{{cite news |title=Italy seizes Russian oligarch Melnichenko's Sailing Yacht A |url=https://www.reuters.com/world/europe/italy-seizes-russian-oligarch-melnichenkos-sailing-yacht-2022-03-12/ |date=12 March 2022 |publisher=Reuters |access-date=12 March 2022 }}</ref>

* Netherlands 
On 6 April 2022, Dutch [[List of Ministers of Foreign Affairs of the Netherlands|Minister of Foreign Affairs]] [[Wopke Hoekstra]] sent a letter on the subject of sanctions addressed to the [[House of Representatives (Netherlands)|House of Representatives]]. In it, he reported that while no Russian superyachts were at anchor in the Netherlands, twelve yachts under construction across five shipyards were immobilized to ascertain ownership, including possible beneficial ownership.<ref>{{Cite web |last=Zaken |first=Ministerie van Buitenlandse |date=2022-04-06 |title=Kamerbrief stand van zaken naleving en handhaving sancties Rusland - Kamerstuk - Rijksoverheid.nl |url=https://www.rijksoverheid.nl/documenten/kamerstukken/2022/04/06/kamerbrief-stand-van-zaken-sanctienaleving-en-handhaving |access-date=2022-04-07 |website=www.rijksoverheid.nl |language=nl-NL}}</ref>

* Spain 
In March 2022, the Spanish [[Ministry of Development (Spain)|Ministry of Development]] (known by its acronym "MITMA") detained three yachts pending investigation into whether their true owners are individuals sanctioned by the European Union. ''Valerie'' is detained in the [[Port of Barcelona]]; ''[[Lady Anastasia]]'' in Port Adriano in [[Calvià]], [[Mallorca]]; and ''Crescent'' in the Port of [[Tarragona]].<ref>{{cite web |title=Mitma retiene el megayate "Valerie" en el Puerto de Barcelona |trans-title=Mitma retains the megayacht "Valerie" in the Port of Barcelona |url=https://www.mitma.gob.es/el-ministerio/sala-de-prensa/noticias/mar-15032022-0847 |website=mitma.gob.es |publisher=[[Ministry of Development (Spain)]] |access-date=5 April 2022 |archive-url=https://web.archive.org/web/20220315121919/https://www.mitma.gob.es/el-ministerio/sala-de-prensa/noticias/mar-15032022-0847 |archive-date=15 Mar 2022 |date=15 Mar 2022 |url-status=live |language=es}}</ref><ref>{{cite web |title=Mitma retiene el yate "Lady Anastasia" en Port Adriano (Calvià) |trans-title=Mitma retains the yacht "Lady Anastasia" in Port Adriano (Calvià) |url=https://www.mitma.gob.es/el-ministerio/sala-de-prensa/noticias/mar-15032022-1254 |website=mitma.gob.es |publisher=[[Ministry of Development (Spain)]] |access-date=5 April 2022 |archive-url=https://web.archive.org/web/20220315163041/https://www.mitma.gob.es/el-ministerio/sala-de-prensa/noticias/mar-15032022-1254 |archive-date=15 Mar 2022 |date=15 Mar 2022 |url-status=live |language=es}}</ref><ref>{{cite web |title=Mitma retiene el yate "Crescent" en el Port de Tarragona |trans-title=Mitma retains the yacht "Crescent" in the Port of Tarragona |url=https://www.mitma.gob.es/el-ministerio/sala-de-prensa/noticias/mie-16032022-1436 |website=mitma.gob.es |publisher=[[Ministry of Development (Spain)]] |access-date=5 April 2022 |archive-url=https://web.archive.org/web/20220316154525/https://www.mitma.gob.es/el-ministerio/sala-de-prensa/noticias/mie-16032022-1436 |archive-date=16 Mar 2022 |date=16 March 2022 |url-status=live |language=es}}</ref>

* United Kingdom
On 29 March 2022, [[Grant Shapps]], the British secretary of state for transport, announced the [[National Crime Agency]]'s seizure of ''Phi''. The yacht was docked at [[Canary Wharf]] and was about to leave.<ref>{{cite web |last1=Bubola |first1=Emma |url=https://www.nytimes.com/2022/03/29/world/europe/britain-russian-superyacht.html |title=Britain detains a Russian superyacht in London. |website=[[The New York Times]] |access-date=5 April 2022 |date=29 March 2022}}</ref>

=== Unilateral sanctions by Ukraine ===

Im May 2023, the [[Czech Republic]] introduced unilateral sanctions against the Russian economy. It also sanctioned the head of the [[Russian Orthodox Church]], [[Vladimir Mikhailovich Gundyayev]], better known as [[Patriarch Kirill]], due it his collaboration with clerics from the Russian Orthodox Church, a measure that is seldom taken during armed conflicts. Vladimir Mikhailovich Gundyayev has been identified as a close confident of Vladimir Putin, but he never advocated any violent actions during wartime, and was not placed under EU sanctions. The cleric is now barred from entry into the Czech Republic, a measure that was criticised by members of both denominations.<ref> Doupal K., (MAY 3, 2023) [https://sanctionsnews.bakermckenzie.com/czech-republic-introduces-unilateral-sanctions-against-russia/ "Czech Republic introduces unilateral sanctions against Russia]" ''sanctionsnews.bakermckenzie.com'', Retrieved 10 Dec 2023.</ref>  

In November 2023, Ukraine sanctioned the Swiss company Nestle for being ‘sponsors of war’ and blacklisted the company for its continued presence in Russia, joining food and drink peers Unilever, PepsiCo and Mars. These food companies manufacture essential foods and dietary components that are explicitly exempt from international sanctions. In the same month, Ukraine also placed sanctions on the Swiss company NVS Technologies, owned by a Russian individual, that provides geolocation equipment to companies in Eastern Europe and elsewhere. Ukraine government’s [[National Agency on Corruption Prevention]] (NACP) gave no further details on the reason for these sanctions.<ref>[https://www.just-food.com/news/nestle-latest-fmcg-major-to-feature-on-ukraines-sponsors-of-war-list/?cf-view "Nestlé latest FMCG major to feature on Ukraine’s ‘sponsors of war’ list"] ''www.just-food.com''.</ref>

== Opposition to sanctions ==

[[File:Russian-list-of-unfriendly-countries.svg|thumb|right|300px|{{legend2|#3F48CC}} Russia<br /> {{legend2|#AA0000}} Countries on Russia's "[[Unfriendly Countries List]]". Countries and territories on the list have imposed or joined sanctions against Russia.<ref>{{cite news |title=Russia outlines plan for 'unfriendly' investors to sell up at half-price |url=https://www.reuters.com/business/russia-outlines-plan-unfriendly-investors-sell-up-half-price-2022-12-30/ |work=Reuters |date=30 December 2022}}</ref>]]
Italy, Hungary, Greece, France, Cyprus and Slovakia were among the EU states most skeptical about the early sanctions and called for review of sanctions.<ref>{{cite web|title=Italy, Hungary say no automatic renewal of Russia sanctions |url=http://uk.reuters.com/article/uk-ukraine-crisis-eu-idUKKCN0WG1B4 |publisher=Reuters |date=14 March 2016 |access-date=1 June 2016 |archive-url=https://web.archive.org/web/20160602053103/http://uk.reuters.com/article/uk-ukraine-crisis-eu-idUKKCN0WG1B4 |archive-date=2 June 2016 |url-status=live}}</ref> The Hungarian prime minister [[Viktor Orbán]] stated that Europe "shot itself in the foot" by introducing economic sanctions.<ref>{{cite web|url=https://www.reuters.com/article/us-ukraine-crisis-sanctions-hungary-idUSKBN0GF0ES20140815 |title=Europe 'shot itself in foot' with Russia sanctions: Hungary PM |first=Gergely |last=Szakacs |date=15 August 2014 |work=[[Reuters]] |access-date=28 May 2016 |archive-url=https://web.archive.org/web/20150924203518/http://www.reuters.com/article/2014/08/15/us-ukraine-crisis-sanctions-hungary-idUSKBN0GF0ES20140815 |archive-date=24 September 2015 |url-status=live}}
</ref> Bulgarian prime minister [[Boyko Borisov]] stated, "I don't know how Russia is affected by the sanctions, but Bulgaria is affected severely".<ref>{{cite web|url=https://www.voanews.com/europe/bulgaria-claims-pain-eu-sanctions-russia |title=Bulgaria says it is suffering from EU sanctions on Russia |date=4 December 2014 |work=[[Voice of America]] |access-date=12 November 2019 |archive-date=20 April 2021 |archive-url=https://web.archive.org/web/20210420062355/https://www.voanews.com/europe/bulgaria-claims-pain-eu-sanctions-russia |url-status=live}}</ref> Czech president [[Miloš Zeman]]<ref>{{cite web|url=http://www.praguepost.com/eu-news/42701-zeman-appears-on-russian-tv-to-blast-sanctions |title=Zeman appears on Russian TV to blast sanctions |publisher=praguepost.com |date=17 November 2014 |access-date=12 April 2017 |archive-url=https://web.archive.org/web/20170411142547/http://www.praguepost.com/eu-news/42701-zeman-appears-on-russian-tv-to-blast-sanctions|archive-date=11 April 2017 |url-status=live}}</ref>{{Better source needed|reason=Prague Post Magazine is a blog, not a [[WP:RS|reliable source]]. See their [http://www.praguepost.com/about-us 'About us'] disclaimer.|date=April 2017}} and Slovak prime minister [[Robert Fico]]<ref>"[http://uk.reuters.com/article/uk-eu-summit-sanctions-slovakia-idUKKBN0GU0YM20140830 Slovak PM slams sanctions on Russia, threatens to veto new ones] {{Webarchive|url=https://web.archive.org/web/20150723033059/http://uk.reuters.com/article/2014/08/30/uk-eu-summit-sanctions-slovakia-idUKKBN0GU0YM20140830 |date=23 July 2015 }} ". ''Reuters''. 31 August 2014.</ref> also said that the sanctions should be lifted.

Several countries including Greek prime minister [[Alexis Tsipras]] and German economy minister [[Sigmar Gabriel]] believed dialogue rather than sanctions would be better.<ref>{{cite web|url=https://www.theguardian.com/business/live/2015/apr/08/shell-makes-47bn-move-for-bg-group-live-updates |title=Greece's Tsipras meets Putin in Moscow – as it happened |work=[[The Guardian]] |date=8 April 2015 |access-date=15 August 2015 |archive-url=https://web.archive.org/web/20150817210648/http://www.theguardian.com/business/live/2015/apr/08/shell-makes-47bn-move-for-bg-group-live-updates |archive-date=17 August 2015 |url-status=live}}</ref><ref>{{cite news|last=Kirschbaum |first=Erik |url=https://www.reuters.com/article/us-ukraine-crisis-germany-gabriel-idUSKCN0J00RH20141116 |title=German economy minister rejects tougher sanctions on Russia |work=[[Reuters]] |date=16 November 2016 |access-date=12 April 2017 |archive-url=https://web.archive.org/web/20170412143521/http://www.reuters.com/article/us-ukraine-crisis-germany-gabriel-idUSKCN0J00RH20141116 |archive-date=12 April 2017 |url-status=live}}</ref>

[[Paolo Gentiloni]], the Italian minister of foreign affairs, said that the sanctions "are not the solution to the conflict".<ref>{{cite web|url=http://www.huffingtonpost.it/2014/12/02/gentiloni-politica-estera-orientata-a-interesse-nazionale_n_6252890.html |title=Paolo Gentiloni; dalla Russia alla Libia, per orientarci nelle crisi "la bussola sarà l'interesse nazionale" |date=2 December 2014 |work=L'Huffington Post |access-date=28 May 2016 |archive-url=https://web.archive.org/web/20160203112850/http://www.huffingtonpost.it/2014/12/02/gentiloni-politica-estera-orientata-a-interesse-nazionale_n_6252890.html |archive-date=3 February 2016 |url-status=live}}</ref> In January 2017, Swiss economics minister and former president of Switzerland [[Johann Schneider-Ammann]] stated his concern about the sanctions' harm to the Swiss economy, and expressed hope that they will soon come to an end.<ref>[https://www.swissinfo.ch/eng/politics/johann-schneider-ammann_swiss-minister-wants-an-end-to-russia-sanctions-/42877288 Economics Minister Johann Schneider-Ammann hopes sanctions against Russia will soon come to an end] {{Webarchive|url=https://web.archive.org/web/20201111174632/http://www.swissinfo.ch/eng/politics/johann-schneider-ammann_swiss-minister-wants-an-end-to-russia-sanctions-/42877288 |date=11 November 2020 }}. swissinfo.ch.</ref> Some companies, most notably Siemens Gas Turbine Technologies LLC and [[Lufthansa]] Service Holding were reported to attempt bypassing the sanctions and exporting power generation turbines to the [[Annexation of Crimea by the Russian Federation|annexed Crimea]].<ref>{{cite web|title=Siemens to bypass sanctions and work in Crimea |url=https://meduza.io/en/news/2015/06/30/siemens-to-bypass-sanctions-and-work-in-crimea |website=meduza.io |publisher=[[Meduza]] |access-date=30 June 2015 |archive-url=https://web.archive.org/web/20151115022018/https://meduza.io/en/news/2015/06/30/siemens-to-bypass-sanctions-and-work-in-crimea |archive-date=15 November 2015 |url-status=live}}
</ref>

In August 2015, the British think tank [[Bow Group]] released a report on sanctions, calling for the removal of them. According to the report, the sanctions have had "adverse consequences for European and American businesses, and if they are prolonged... they can have even more deleterious effects in the future"; the potential cost of sanctions for the Western countries has been estimated as over $700 billion.<ref>{{cite book|last=Marioni |first=Max |editor-first=Adriel |editor-last=Kasonta |chapter-url=http://www.bowgroup.org/sites/bowgroup.uat.pleasetest.co.uk/files/Bow%20Group%20-%20Sanctions%20on%20Russia%20-%20Adriel%20Kasonta.pdf |title=BOW Group Research Paper: The Sanctions on Russia |chapter=The cost of Russian sanctions on Western economies |pages=16–31 |publisher=[[Bow Group]] |date=August 2015 |access-date=12 April 2017 |archive-url=https://web.archive.org/web/20170301142639/https://www.bowgroup.org/sites/bowgroup.uat.pleasetest.co.uk/files/Bow%20Group%20-%20Sanctions%20on%20Russia%20-%20Adriel%20Kasonta.pdf |archive-date=1 March 2017 |url-status=live}}</ref>

In June 2017, [[Germany]] and [[Austria]] criticized the U.S. Senate over new sanctions against Russia that target the planned [[Nord Stream 2]] [[List of countries by natural gas exports|gas pipeline]] from Russia to Germany,<ref>"[https://www.reuters.com/article/us-usa-russia-sanctions-germany-idUSKBN197156?il=0 Germany threatens retaliation if U.S. sanctions harm its firms] {{Webarchive|url=https://web.archive.org/web/20170624142043/http://www.reuters.com/article/us-usa-russia-sanctions-germany-idUSKBN197156?il=0 |date=24 June 2017 }} ". Reuters. 16 June 2017.</ref><ref name="bloom">"[https://www.bloomberg.com/view/articles/2017-06-16/u-s-russia-sanctions-punish-europe-too The U.S. Sanctions Russia, Europe Says 'Ouch!'] {{Webarchive|url=https://web.archive.org/web/20170616173935/https://www.bloomberg.com/view/articles/2017-06-16/u-s-russia-sanctions-punish-europe-too |date=16 June 2017 }} ". [[Bloomberg News|Bloomberg]]. 16 June 2017.</ref> stating that the United States was threatening [[Energy policy of the European Union|Europe's energy supplies]] (see also [[Russia in the European energy sector]]).<ref name="dw">"[http://www.dw.com/en/us-bill-on-russia-sanctions-prompts-german-austrian-outcry/a-39270624 US bill on Russia sanctions prompts German, Austrian outcry] {{Webarchive|url=https://web.archive.org/web/20170619155846/http://www.dw.com/en/us-bill-on-russia-sanctions-prompts-german-austrian-outcry/a-39270624 |date=19 June 2017 }} ". Deutsche Welle. 15 June 2017.
</ref> In a joint statement Austria's chancellor [[Christian Kern]] and Germany's foreign minister [[Sigmar Gabriel]] said that "Europe's energy supply is a matter for Europe, and not for the United States of America."<ref>"[https://www.usnews.com/news/business/articles/2017-06-15/germany-austria-slam-us-sanctions-against-russia Germany, Austria Slam US Sanctions Against Russia] {{Webarchive|url=https://web.archive.org/web/20170630051619/https://www.usnews.com/news/business/articles/2017-06-15/germany-austria-slam-us-sanctions-against-russia |date=30 June 2017 }} ". U.S. News. 15 June 2017.</ref> They also said: "To threaten companies from Germany, Austria and other European states with penalties on the U.S. market if they participate in natural gas projects such as Nord Stream 2 with Russia or finance them introduces a completely new and very negative quality into European-American relations."<ref>"[http://www.politico.eu/article/germany-and-austria-warn-u-s-over-expanded-russia-sanctions/ Germany and Austria warn US over expanded Russia sanctions] {{Webarchive|url=https://web.archive.org/web/20170615182258/http://www.politico.eu/article/germany-and-austria-warn-u-s-over-expanded-russia-sanctions/ |date=15 June 2017 }} ". ''[[Politico]]''. 15 June 2017.</ref>

Nations and individuals that oppose sanctions against Russia state that sanctions do not generally result in a change in the policies of the sanctioned nation<ref>{{cite web |title=Economic Sanctions Reconsidered, 3rd ed., Preview Chapter 6 |url=https://www.piie.com/publications/chapters_preview/4075/06iie4075.pdf |access-date=March 14, 2022 |archive-date=3 March 2022 |archive-url=https://web.archive.org/web/20220303013220/https://www.piie.com/publications/chapters_preview/4075/06iie4075.pdf |url-status=live }}</ref><ref>{{cite web|title=Why Sanctioning Russia Will Fail|url=https://reason.com/video/2022/03/10/why-sanctioning-russia-will-fail/|date=March 10, 2022|access-date=14 March 2022|archive-date=14 March 2022|archive-url=https://web.archive.org/web/20220314174349/https://reason.com/video/2022/03/10/why-sanctioning-russia-will-fail/?utm_medium=email|url-status=live}}</ref> and that sanctions mostly hurt the civilian population who have little control over the issues pertaining to foreign policy.<ref>{{cite journal|title=The Collective Responsibility of Democratic Publics |url=https://www.jstor.org/stable/41302120 |date=2011 |jstor=41302120 |last1=Pasternak |first1=Avia |journal=Canadian Journal of Philosophy |volume=41 |issue=1 |pages=99–123 |doi=10.1353/cjp.2011.0002 |s2cid=145401954 |access-date=14 March 2022 |archive-date=24 March 2022 |archive-url=https://web.archive.org/web/20220324050025/https://www.jstor.org/stable/41302120 |url-status=live}}</ref><ref>{{cite web|title=Russian Sanctions: The Helpful, the Harmful, and the Pointless|url=https://reason.com/2022/03/11/russian-sanctions-the-helpful-the-harmful-and-the-pointless/|date=March 11, 2022|access-date=14 March 2022|archive-date=14 March 2022|archive-url=https://web.archive.org/web/20220314174550/https://reason.com/2022/03/11/russian-sanctions-the-helpful-the-harmful-and-the-pointless/?utm_medium=email|url-status=live}}</ref>

=== 2022 to date ===
In March 2022, China expressed opposition to sanctions against Russia as punishment for invading Ukraine.<ref>{{cite news |title=China will not join sanctions on Russia, banking regulator says |url=https://www.reuters.com/markets/europe/china-banking-regulator-sees-limited-impact-sanctions-russia-2022-03-02/ |work=Reuters |date=2 March 2022}}</ref> No country in [[Africa]], [[Latin America]] or the [[Middle East]] has imposed sanctions on Russia.<ref>{{cite magazine |title=Putin May Be Winning the Information War Outside of the U.S. and Europe |url=https://news.yahoo.com/putin-may-winning-information-war-161712199.html |magazine=Time |date=20 May 2022}}</ref>

As part of the sanctions imposed on Russia, on 2 September 2022, the finance ministers of the [[G7]] group agreed to [[2022 Russian oil price cap|cap the price of Russian oil and petroleum products]], designed to allow Russia to maintain production but limiting the revenue from oil sales.<ref>{{cite news |title=Russia's main oil product is trading way below the $60 price cap as just a handful of buyers keep up trade with the heavily sanctioned nation |url=https://markets.businessinsider.com/news/commodities/russia-oil-crude-g7-price-cap-western-sanctions-eu-ban-2023-1 |work=Business Insider |date=9 January 2023}}</ref><ref>{{cite news |title=Western sanctions push Russia's energy revenues to lowest since 2020 |url=https://www.reuters.com/business/energy/western-sanctions-push-russias-energy-revenues-lowest-level-since-2020-2023-02-03/ |work=Reuters |date=3 February 2023}}</ref> In October 2022, [[India]] (the world's third-largest oil importer) announced it would not join the effort to cap the price of Russian oil. India obtains Russian crude at a significant discount, and regards Russia as a strategic, economic partner.<ref>[https://www.livemint.com/industry/energy/india-may-not-join-us-led-push-to-cap-prices-of-russia-oil-11666029699220.html "India may not join US-led push to cap prices of Russia oil"] ''livemint''. Retrieved 17 Oct 2022.</ref>
In 2022, Turkish President [[Recep Tayyip Erdoğan]] said that [[Turkey]] could not join sanctions against Russia due to import dependence.<ref>{{cite web |date=6 September 2022 |title=Russia Ukraine conflict: France raises Russian sanctions-busting with Turkey |url=https://english.alarabiya.net/amp/News/world/2022/09/06/France-raises-Russian-sanctions-busting-with-Turkey |website=[[Al Arabiya]]}}</ref> Turkey bought almost half of its gas from Russia.<ref>{{cite web |date=2022-03-09 |title=Ukraine War Complicates Turkey's Gas Challenge |url=https://www.energyintel.com/0000017f-6f8b-d81c-a9ff-ef8bad760000 |website=Energy Intelligence |language=en}}</ref>

Hungary continues to be opposed to sanctions and blocks some sanctions that the EU wishes to put in place.<ref>{{cite web |title=Hungary will veto EU sanctions on Russian nuclear energy, PM Orban says |website=[[Reuters]] |url=https://www.reuters.com/world/europe/hungary-will-veto-eu-sanctions-russian-nuclear-energy-pm-orban-2023-01-27/ |date=27 January 2023}}</ref>

=== Efforts to lift sanctions ===
Some efforts were made to try to lift sanctions.

France announced in January 2016 that it wanted to lift the sanctions in mid-2016. Earlier, U.S. Secretary of State [[John Kerry]] mentioned a possible lifting of sanctions.<ref>{{cite web|url=http://www.ndtv.com/world-news/france-hopes-to-see-russia-sanctions-lifted-this-summer-french-economy-minister-1269643 |title=France Hopes To See Russia Sanctions Lifted 'This Summer': French Economy Minister |date=24 January 2016 |work=NDTV.com |access-date=28 May 2016 |archive-url=https://web.archive.org/web/20160312151754/http://www.ndtv.com/world-news/france-hopes-to-see-russia-sanctions-lifted-this-summer-french-economy-minister-1269643 |archive-date=12 March 2016 |url-status=live}}</ref>

As Trump's [[National Security Advisor (United States)|National Security Advisor]], [[Michael T. Flynn]] was an important link in the connections between Putin and Trump in the "Ukraine peace plan", an unofficial plan "organized outside regular diplomatic channels....at the behest of top aides to President Putin". This plan, aimed at easing the sanctions imposed on Russia, progressed from Putin and his advisors to Ukrainian politician [[Andrey Artemenko]], [[Felix Sater]], [[Michael Cohen (lawyer)|Michael Cohen]], and Flynn, where he would have then presented it to Trump. ''The New York Times'' reported that Sater delivered the plan "in a sealed envelope" to Cohen, who then passed it on to Flynn in February 2017, just before his resignation.<ref name="Dreyfuss_4/19/2018">{{cite magazine |last=Dreyfuss |first=Bob |title=What the FBI Raid on Michael Cohen Means for the Russia Investigation |magazine=[[The Nation]] |date=19 April 2018 |url=https://www.thenation.com/article/what-the-fbi-raid-on-michael-cohen-means-for-the-russia-investigation/ |access-date=2 December 2019 |archive-date=20 April 2018 |archive-url=https://web.archive.org/web/20180420002859/https://www.thenation.com/article/what-the-fbi-raid-on-michael-cohen-means-for-the-russia-investigation/ |url-status=live }}</ref>

The EU repeatedly extended sanctions<ref>{{cite news|url=http://www.politico.eu/article/eu-extends-sanctions-over-russias-crimea-annexation/ |title=EU extends sanctions over Russia's Crimea annexation|work=[[Politico]] |last=Barigazzi |first=Jacopo |date=19 June 2017 |access-date=19 June 2017 |archive-url=https://web.archive.org/web/20170619161716/http://www.politico.eu/article/eu-extends-sanctions-over-russias-crimea-annexation/ |archive-date=19 June 2017 |url-status=live}}</ref>

In November 2017, the [[Secretary General of the Council of Europe]] [[Thorbjørn Jagland]] said that the [[Council of Europe]] considered lifting the sanctions on Russia due to concerns that Russia may leave the organization, which would be "a big step back for Europe".<ref name=":0">{{cite news|title=Russia tests Council of Europe in push to regain vote |url=https://www.ft.com/content/3cccaf92-d12c-11e7-b781-794ce08b24dc |work=[[Financial Times]] |date=26 November 2017 |access-date=28 November 2017 |archive-url=https://web.archive.org/web/20171127094135/https://www.ft.com/content/3cccaf92-d12c-11e7-b781-794ce08b24dc |archive-date=27 November 2017 |url-status=live}}</ref> Jagland was also criticized of "caving in to blackmail" by other Council members for his conciliatory approach to Russia.<ref name=":0" />

On 8 March 2019, the Italian prime minister [[Giuseppe Conte]] stated that Italy is working on lifting the sanctions, which "the ruling parties in Rome say are ineffective and hurt the Italian economy".<ref>{{cite news|title=Italy PM says is working to try to end sanctions against Russia |url=https://www.reuters.com/article/us-italy-conte-russia/italy-pm-says-is-working-to-try-to-end-sanctions-against-russia-idUSKCN1QP221 |work=[[Reuters]] |date=9 March 2019 |access-date=9 March 2019 |archive-date=26 November 2021 |archive-url=https://web.archive.org/web/20211126060659/https://www.reuters.com/article/us-italy-conte-russia/italy-pm-says-is-working-to-try-to-end-sanctions-against-russia-idUSKCN1QP221 |url-status=live}}</ref>

== Other actions not linked directly to sanctions ==

=== Air travel===
The UK closed its airspace to Russia aircraft the day after the invasion of Ukraine, swiftly followed by the EU, Canada and the USA.<ref>{{cite news |last1=Coffey |first1=Helen |title=UK bans Russian aircraft from its airspace |url=https://www.independent.co.uk/travel/news-and-advice/russia-aircraft-planes-banned-uk-airspace-b2023065.html |work=The Independent |date=25 February 2022}}</ref>

=== Diplomatic actions ===
{{main|Diplomatic expulsions during the Russo-Ukrainian War}}
In March 2018, 29 Western countries and NATO expelled in total at least 149 Russian diplomats, including 60 by the United States, in response to the [[Poisoning of Sergei and Yulia Skripal|poisoning of Skripal and his daughter]] on 4 March in the United Kingdom, which has been blamed on Russia.<ref>{{cite web|url=https://edition.cnn.com/2018/03/26/politics/trump-expels-russian-diplomats-analysis/index.html |title=US punishes Russia but Trump hedges bets on Putin |first1=Stephen |last1=Collinson |first2=Zachary |last2=Cohen |work=CNN|date=26 March 2018 |access-date=7 April 2018 |archive-url=https://web.archive.org/web/20180411050156/https://edition.cnn.com/2018/03/26/politics/trump-expels-russian-diplomats-analysis/index.html |archive-date=11 April 2018 |url-status=live}}</ref> Other measures were also taken.

Shortly after the 2022 invasion of Ukraine a co-ordinated action was taken by the west with over 600 Russian diplomats being declared [[Persona non grata|personae non gratae]], 400 were believed to be spies.<ref>{{cite web |title=Russian spying in Europe dealt 'significant blow' since Ukraine war, MI5 chief says |url=https://edition.cnn.com/2022/11/16/uk/mi5-chief-russia-spying-iran-china-threats-intl/index.html |date=16 November 2022}}</ref>

=== Turkish control of transiting ships to/from the Black Sea ===
Turkish Foreign Minister [[Mevlüt Çavuşoğlu]] announced on 27 February that his government would legally recognise the Russian invasion as a "war", which provides grounds for implementing the [[Montreux Convention Regarding the Regime of the Straits]] blocking the transit of Russian Federation and Ukrainian military vessels into/from the Black Sea.<ref>{{Cite web |title=Turkey, overseeing passage to Black Sea, calls Russian invasion 'war' |url=https://www.msn.com/en-us/news/world/turkey-overseeing-passage-to-black-sea-calls-russian-invasion-war/ar-AAUmNaD |url-status=live |archive-url=https://web.archive.org/web/20220227103836/http://www.msn.com/en-us/news/world/turkey-overseeing-passage-to-black-sea-calls-russian-invasion-war/ar-AAUmNaD |archive-date=2022-02-27 |access-date= |website=[[MSN News]] |language=en-US}}</ref>

=== Independent company actions ===
{{main|List of companies that applied sanctions during the Russo-Ukrainian War}}
Following sanctions and negative sentiment towards engaging in Russian business, many companies have chosen to exit Russians or Belarusian markets voluntarily or in order to avoid potential future sanctions.<ref name=":3" /> Visa, Mastercard and American Express independently blocked Russian banks as of March 2.<ref>{{cite web |date=2 March 2022 |title=Visa, Mastercard, Amex block Russian banks after sanctions |url=https://www.france24.com/en/live-news/20220302-visa-mastercard-amex-block-russian-banks-after-sanctions |access-date=2 March 2022 |website=[[France 24]] |language=en |archive-date=2 March 2022 |archive-url=https://web.archive.org/web/20220302202157/https://www.france24.com/en/live-news/20220302-visa-mastercard-amex-block-russian-banks-after-sanctions |url-status=live }}</ref> [[Jeffrey Sonnenfeld]] and colleagues at the [[Yale School of Management]] have produced, and are keeping updated, a detailed list tracking those companies which have exited the Russian market, which have reduced their operations there, or which have chosen to remain.<ref>{{cite web |url=https://som.yale.edu/story/2022/over-600-companies-have-withdrawn-russia-some-remain |website=Over 600 Companies Have Withdrawn from Russia—But Some Remain |access-date=5 April 2022|title=Over 750 Companies Have Curtailed Operations in Russia—But Some Remain &#124; Yale School of Management }}</ref>

Companies have experienced difficulties exiting Russia, a study from Yale in July 2023 found that of 1,000 companies pledging to leave Russia, just over half managed to make a clean break, with many others having scaled down activities. The highest cost of leaving being borne by energy and utility companies.<ref>{{cite web |title=Europe's biggest companies reported a combined €100 billion loss from leaving Russia, report says |url=https://finance.yahoo.com/news/europes-biggest-companies-reported-combined-173221887.html |date=7 August 2023}}</ref>

By December 2022, after a mass exodus, the only foreign car manufacturers in Russia are Chinese.<ref>{{cite web |title=Only 11 foreign car brands left in Russia out of 60 before the war |url=https://intellinews.com/only-11-foreign-car-brands-left-in-russia-out-of-60-before-the-war-265282/ |date=15 December 2022}}</ref>

In July 2023 Russia seized Russian assets owned by Danish company Carlsberg and French company Danone.<ref>{{cite news |title=Heineken sells off Russian beer business for €1 |work=BBC News |url=https://www.bbc.co.uk/news/business-66616161 |date=25 August 2023}}</ref>

=== Tax haven ===
In February 2023 the EU Council's Code of Conduct Group added Russia to the EU tax haven blacklist as a non-cooperative jurisdictions for tax purposes.<ref>{{cite web |title=Taxation: British Virgin Islands, Costa Rica, Marshall Islands and Russia added to EU list of non-cooperative jurisdictions for tax purposes |url=https://www.consilium.europa.eu/en/press/press-releases/2023/02/14/taxation-british-virgin-islands-costa-rica-marshall-islands-and-russia-added-to-eu-list-of-non-cooperative-jurisdictions-for-tax-purposes/ |date=14 February 2023}}</ref>

== Political significance ==
The economic sanctions imposed on Russia, serve as a tool of nonrecognition policy, by underscoring that the countries which impose these sanctions do not recognize Russian annexation of Crimea. Having these sanctions in place prevents the situation from being treated as a fait accompli.<ref>{{cite book |url=http://dx.doi.org/10.4324/9780429052989 |title=Economic Sanctions in International Law and Practice |date=7 November 2019 |publisher=[[Routledge]] |doi=10.4324/9780429052989 |isbn=978-0-429-05298-9 |s2cid=213724316 |editor-last=Asada |editor-first=Masahiko |access-date=19 March 2021 |archive-date=4 December 2021 |archive-url=https://web.archive.org/web/20211204182212/https://www.taylorfrancis.com/books/edit/10.4324/9780429052989/economic-sanctions-international-law-practice-masahiko-asada |url-status=live}}</ref> As a reaction to the [[2022 Russian invasion of Ukraine]], Western nations introduced unprecedented sanctions on Russian individuals, energy commodities and high-tech industries with the aim to change Russia's "political behavior". According to a study by the [[Swedish Defence Research Agency]], economic sanctions have so far failed to force Russia to change its policy towards Ukraine.<ref>Oxenstierna, Susanne & Olsson, Per. (2015). [https://www.researchgate.net/publication/281619387_The_economic_sanctions_against_Russia ''"The economic sanctions against Russia"'']. FOI Research-report series. Retrieved 8 July 2022.</ref>

[[Faisal Islam]] of BBC News stated that the measures were far from normal sanctions and were "better seen as a form of economic war". The intent of the sanctions was to push Russia into a deep [[recession]] with the likelihood of [[bank run]]s and [[hyperinflation]]. Islam noted that targeting a [[G20]] central bank in this way had never been done before.<ref name=":2" />

== Effects of sanctions ==
{{main|Economic impact of the 2022 Russian invasion of Ukraine}}

===Effects on Russian economy===
====2014-2021====
Russian president [[Vladimir Putin]] had accused the United States of conspiring with [[Saudi Arabia]] to intentionally weaken the Russian economy by decreasing the price of oil.<ref>{{cite web |url=https://tass.ru/top-officials/1589319 |title=Владимир Путин: мы сильнее, потому что правы. |access-date=14 April 2019 |archive-date=4 October 2020 |archive-url=https://web.archive.org/web/20201004213342/https://tass.ru/top-officials/1589319 |url-status=live }}</ref> By mid-2016, Russia had lost an estimated $170 billion due to financial sanctions, with another $400 billion lost in revenues from oil and gas.<ref>Pettersen, Trude. [https://thebarentsobserver.com/ru/node/414 "Russia loses $600 billion on sanctions and low oil prices."] {{Webarchive|url=https://web.archive.org/web/20201111222338/https://thebarentsobserver.com/ru/node/414 |date=11 November 2020 }} [[Norwegian Barents Secretariat|The Barents Observer]]. May 2016.</ref> According to Ukrainian officials,{{efn|[[Liubov Nepop]], the Head of the Ukrainian Mission to the EU, and [[Petro Poroshenko]], the [[president of Ukraine]]|name=|group=}} the sanctions forced Russia to change its approach toward Ukraine and undermined the Russian military advances in the region.<ref>
''"When the sanctions regime appeared to cost almost nothing to EU trade volume... together with Ukrainian resistance, it forced Russia to change its approach towards Ukraine... So far, an approach {{sic|comprised |hide=y|of}} EU unity and strong solidarity with Ukraine, as well as resistance and reforms implementation, has proved to be the most efficient way to stop Russian military advances."'' – Liubov Nepop, the Head of the Ukrainian Mission to the EU ([http://www.euractiv.com/sections/europes-east/it-time-europe-excuse-russias-aggression-317979 source] {{Webarchive|url=https://web.archive.org/web/20151001061202/http://www.euractiv.com/sections/europes-east/it-time-europe-excuse-russias-aggression-317979 |date=1 October 2015 }})
</ref><ref>
"... sanctions and heroism of our warriors are the key elements of deterring the Russian aggression" --the president of Ukraine Petro Poroshenko ([http://www.president.gov.ua/en/news/sankciyi-ta-geroyizm-nashih-voyiniv-ye-klyuchovimi-elementam-35906 source] {{Webarchive|url=https://web.archive.org/web/20160113123128/http://www.president.gov.ua/en/news/sankciyi-ta-geroyizm-nashih-voyiniv-ye-klyuchovimi-elementam-35906 |date=13 January 2016 }} )
</ref> Representatives of these countries said that they will lift sanctions against Russia only after Moscow fulfills the [[Minsk II]] agreements.<ref>
{{cite web|title=Obama calls on NATO, EU to boost support for Ukraine|url=http://www.unian.info/politics/1407656-obama-calls-on-nato-eu-to-boost-support-for-ukraine.html|website=Unian.info|date=8 July 2016|access-date=8 July 2016|archive-url=https://web.archive.org/web/20160709143927/http://www.unian.info/politics/1407656-obama-calls-on-nato-eu-to-boost-support-for-ukraine.html|archive-date=9 July 2016|url-status=live}}
</ref><ref>
{{cite web|title=Austrian foreign minister calls for improving relationship with Moscow|url=https://www.reuters.com/article/us-ukraine-crisis-austria-idUSKCN0Z50V9|website=Reuters|date=19 June 2016|access-date=1 July 2017|archive-url=https://web.archive.org/web/20170417134820/http://www.reuters.com/article/us-ukraine-crisis-austria-idUSKCN0Z50V9|archive-date=17 April 2017|url-status=live}}
</ref><ref>
{{cite web|title=Sanctions to be lifted from Russia after implementation of Minsk Agreements – Nuland|url=http://en.interfax.com.ua/news/general/344131.html|website=Interfax-Ukraine|date=18 May 2016|access-date=8 July 2016|archive-url=https://web.archive.org/web/20160519112927/http://en.interfax.com.ua/news/general/344131.html|archive-date=19 May 2016|url-status=live}}
</ref>

====2022====

In April 2022, Russia supplied 45% of EU's [[List of countries by natural gas imports|gas imports]], earning $900 million a day.<ref>{{cite news |title=Missiles fly, but Ukraine's pipeline network keeps Russian gas flowing to Europe |url=https://www.cbc.ca/news/business/russian-gas-europe-1.6415652 |work=CBC News |date=12 April 2022}}</ref> In the first two months after the invasion of Ukraine, Russia earned $66.5 billion from [[List of countries by natural gas exports|fossil fuel exports]], and the EU accounted for 71% of that trade.<ref>{{cite news |title=Russia has made $66 billion from fuel exports since it invaded Ukraine - and the EU is still its biggest buyer, study finds |url=https://markets.businessinsider.com/news/commodities/russia-oil-gas-coal-fossil-fuel-exports-revenue-ukraine-war-2022-4 |work=Business Insider |date=28 April 2022}}</ref>

In 2022 the [[Russian rouble]] fell against the US Dollar and Euro on reduced trading as sanctions prevent trading with foreign accounts or currencies. In May 2022, the [[Russian Central Bank]] slashed its key rate by 300 basis points to 11% in order to stimulate local investments.<ref>[https://www.reuters.com/markets/europe/russian-economic-forecasts-improve-despite-lingering-conflict-ukraine-2022-05-31/ Russian economic forecasts improve despite lingering conflict in Ukraine - Reuters poll] Reuters. Retrieved 31 May 2022.</ref> The federal trade surplus was increased due to high prices for Russian commodity exports and a rapid fall in imports. On 27 May 2022, Russian Finance Minister [[Anton Siluanov]] stated that extra revenues from the sale of natural gas in the amount of €13.7 billion will be used to increase pension funds for retired individuals and families with children, as well for "special operations" in the Ukraine.<ref>[https://www.blick.ch/ausland/13-7-milliarden-euro-russland-rekordeinnahmen-aus-gas-exporten-id17529007.html "13,7 Milliarden Euro Russland: Rekordeinnahmen aus Gas-Exporten"] (in German). ''blick.ch''. Retrieved 29 May 2022.</ref> Russia has also increased energy exports to [[China]] and [[India]] to replace decreased revenues in Europe. Bloomberg reported that in the first half of 2022, Russia pocketed an extra $24 billion from selling energy to both nations.<ref>[https://www.aljazeera.com/economy/2022/7/6/russia-pockets-24b-from-selling-energy-to-china-india "Russia pockets $24bn from selling energy to China, India"] ''aljazeera.com''. Retrieved 7 July 2022.</ref>

Citizens of the Russian Federation faced surging [[inflation]] and [[Unemployment in Russia|unemployment]], expensive credit, [[capital control]]s, restricted travel, and shortages of goods. Analysts have identified similarities with conditions in the decade following the [[Dissolution of the Soviet Union|collapse of the Soviet Union]] in 1991.<ref>{{Cite web |last=Prince |first=Todd |date=2 March 2022 |title='I'm In Shock': Russians Brace For Hardship As Putin's War On Ukraine Plunges Economy Into Crisis |url=https://www.rferl.org/a/russia-economic-shock-hardship-ukraine-invasion/31732913.html |website=RadioFreeEurope/RadioLiberty |language=en |archive-date=6 March 2022 |archive-url=https://web.archive.org/web/20220306025446/https://www.rferl.org/a/russia-economic-shock-hardship-ukraine-invasion/31732913.html |url-status=live }}</ref><ref>{{cite news |title=The Ukraine war is creating a jobs crisis in Russia |url=https://qz.com/2166086/the-ukraine-war-is-creating-a-jobs-crisis-in-russia/ |work=[[Quartz (publication)|Quartz]] |date=16 May 2022}}</ref> Russia's [[Kaliningrad Oblast|Kaliningrad]] [[Enclave and exclave|exclave]] faces ever-increasing isolation.<ref>{{cite news |title='An Economic Target': Russia's Kaliningrad Exclave Confronts New Levels Of Isolation |url=https://www.rferl.org/a/russian-invasion-kaliningrad-economy-sanctions/31732543.html |work=Radio Free Europe/Radio Liberty |date=2 March 2022 |archive-date=7 April 2022 |archive-url=https://web.archive.org/web/20220407044938/https://www.rferl.org/a/russian-invasion-kaliningrad-economy-sanctions/31732543.html |url-status=live }}</ref> A source close to the Kremlin told the Russian-language independent news website ''[[Meduza]]'' that "There's probably almost nobody who's happy with Putin. Businesspeople and many cabinet members are unhappy that the president started this war without thinking through the scale of the sanctions. Normal life under these sanctions is impossible."<ref>{{cite news |title='Almost nobody is happy with Putin' |url=https://meduza.io/en/feature/2022/05/24/almost-nobody-is-happy-with-putin |work=[[Meduza]] |date=24 May 2022}}</ref> 

On 27 June 2022, [[Bloomberg News|Bloomberg]] reported that Russia is poised to default on its foreign debt ([[eurobond (external bond)|eurobonds]]), for the first time since 1918 after the [[Bolshevik revolution]]. According to the source, the country missed a debt payment due to sanctions on Russian banks. Finance Minister Siluanov dismissed the possible default status as a "farce", since Russia has plenty of funds to repay the debt. [[Associated Press]] reported that the official default on Russian's foreign debt would take time to be confirmed. Financial analysts described Russia's situation as unique, since it has extensive amounts of cash to fulfill its debt obligations.<ref>[https://www.bloomberg.com/news/articles/2022-06-26/russia-defaults-on-foreign-debt-for-first-time-since-1918 "Russia Defaults on Foreign Debt for First Time Since 1918"]. ''Bloomberg News''. Retrieved 27 June 2022.</ref><ref>[https://apnews.com/article/russia-ukraine-foreign-debt-sovereign-322dd9b66c6954063ef810c5922f0315 "What's the impact of a Russian debt default?"] ''AP News''. Retrieved 27 June 2022.</ref>

A Yale study projects a catastrophic outlook for Russian businesses if Western countries are able to keep up the sanctions against Russia's petrochemical industry. Western economists see long-lasting costs to the Russian economy from the exit of large foreign firms and [[brain drain]], while Russia claims it has replaced those entities with domestic investments. Long term, Russia's economy will depend on the price development of fossil fuel energy, and Russia's continued economic alliances with countries that do not impose sanctions, including China, the Middle East, India, as well as nations in Africa and South America.<ref>[https://www.cnbc.com/2022/08/02/russia-faces-economic-oblivion-despite-short-term-resilience.html "Russia faces 'economic oblivion' despite claims of short-term resilience, economists say"]. cnbc.com. Retrieved 2 August 2022.</ref><ref>Jenkins, Simon (July 2022) [https://www.theguardian.com/commentisfree/2022/jul/29/putin-ruble-west-sanctions-russia-europe "The rouble is soaring and Putin is stronger than ever - our sanctions have backfired"] the guardian. Retrieved 2 August 2022.</ref><ref>
[https://www.reuters.com/business/energy/saudi-arabias-kingdom-holding-invests-russian-energy-companies-2022-08-14/ "Saudi Arabia's Kingdom Holding invests in Russian energy companies"] ''Reuters''. Retrieved 15 August 2022.</ref>

Russia's gross domestic product contracted 4% in the second quarter of 2022, revised from 6.5%, with a 15.3% drop in wholesale trade, and a 9.8% contraction in retail trade. 47 of the world's biggest 200 companies had not left Russia by summer 2022, particularly energy companies remain invested there. According to Western analysts, remaining companies have experienced [[expropriation]] and [[nationalization]] pressures, but officially Russia has denied that it is interested in such actions. In August 2022, Russia's trade and industry minister [[Denis Manturov]] stated, "we are not interested in the nationalization of enterprises or their removal."<ref>[https://www.marketwatch.com/story/russian-economy-shrinks-4-in-second-quarter-the-first-full-quarter-after-invasion-of-ukraine-01660334426?mod=mw_latestnews "Russian economy shrinks 4% in second quarter, the first full quarter after the invasion of Ukraine"] ''AP''. Retrieved 14 August 2022.</ref><ref>Lau, Ivonne (14 August 2022). [https://fortune.com/2022/08/14/companies-stay-russia-risk-nationalization-experts-say-putin/ "47 of the world’s biggest 200 companies still haven't left Russia. Now the Kremlin is preparing 'expropriation blackmail,' an expert says"] ''fortune.com''. Retrieved 14 August 2022.</ref> In October 2022, a government decree was approved, allowing a Russian state-run company to seize [[ExxonMobil]]'s 30% stake in the Sakhalin-1 oil and gas project, and to decide whether foreign shareholders, including Japan's SODECO, can retain their participation.<ref>[https://www.reuters.com/business/energy/japan-will-decide-measures-sakhalin-1-consultation-with-partners-industry-2022-10-11/ "Japan says will decide steps on Sakhalin-1 in consultation with partners"] ''reuters.com''. Retrieved 10 Oct 2022.</ref>

Russia continued to pump almost as much oil as before its [[2022 Russian invasion of Ukraine|2022 invasion of the Ukraine]]. Sales to the [[Middle East]] and Asia have replaced declining exports of gas and oil to Europe, and due to the higher price, Moscow made $20 billion monthly compared to $14.6 billion a year before (2021). Despite international sanctions, Russian energy sales increased in value, and its exports expanded with new financing options and payment methods for international buyers. According to the [[Institute of International Finance]], "Russia is swimming in cash", earning $97 billion from oil and gas sales through July 2022. According to a former Russian energy executive, "there came a realization that the world needs oil, and nobody's brave enough to embargo 7.5 million barrels a day of Russian oil and oil products".<ref>[https://www.wsj.com/articles/russia-confounds-the-west-by-recapturing-its-oil-riches-11661781928 "Russia Confounds the West by Recapturing Its Oil Riches"] ''WSJ''. Retrieved 29 August 2022.</ref>

According to the Former First Deputy Chairman of the [[Central Bank of Russia]] [[Oleg Vyugin]], sanctions imposed against Moscow over the conflict in Ukraine were only 30%-40% effective as Russia has found ways to overcome restrictions. He confirmed the contraction of the [[Russian economy]] by 4% in 2022 due to sanctions, but found this has been "no catastrophe" for the [[Russian Federation]]. Russia's current account surplus{{snd}}the difference in value between exports and imports{{snd}}has been soaring due to declining imports, but he warned that a further embargo on Russian exports could reduce crucial revenues. He also added that the impact of US and European export controls in the technology sector will be felt with some delay.<ref>[https://www.reuters.com/markets/europe/no-catastrophe-sanctions-moscow-are-working-says-russian-economy-veteran-2022-09-20/ "No catastrophe, but sanctions on Moscow are working, says Russian economy veteran"] ''Reuters''. Retrieved 21 September 2022.</ref>

[[File:Putin Patrushev.jpg|thumb|Putin's national security adviser [[Nikolai Patrushev]] downplayed the sanctions, saying that "Russia is reorienting itself away from the European market to the African, Asian and Latin American markets".<ref>{{cite news |title=The World According to Patrushev |url=https://www.russiamatters.org/analysis/world-according-patrushev |work=Russia Matters |publisher=Harvard Kennedy School's Belfer Center for Science and International Affairs |date=7 October 2022}}</ref>]]

In December 2022, when the European Union implemented its oil embargo and price cap on Russian crude, economic news channels reported a drop of Russian oil exports by 54% in the first week. Russia switched to sending nearly 90% of its oil to Asia, albeit at a lower price. Shipowners in Asia as well were reportedly less likely to transport Russian crude after the European sanctions came into force.<ref>{{Cite web |last=Rosen |first=Phil |title=Russian oil exports crater by 54% in the first full week of the EU's embargo amid a shortage of tankers willing to carry cargoes |url=https://markets.businessinsider.com/news/commodities/russian-oil-exports-plunge-energy-markets-europe-embargo-putin-economy-2022-12 |access-date=2023-01-03 |website=Markets Insider |language=en-US}}</ref>

In late 2022, the Russian economy's relative resilience to Western sanctions was tested when financial sanctions seriously impacted Russia's [[VTB Bank]], the country's No. 2 lender. VTB bank has frozen assets abroad worth around 600 billion roubles, and then purchased [[Otkritie FC Bank]] to make up for the loss. The [[Bank of Russia]] agreed to the sale for 233 billion roubles in cash and treasury bonds, increasing the share-value for Moscow-listed VTB. Dominant lender [[Sberbank]], however, was less affected by financial sanctions and produced a quarterly profit. The central bank announced a bail-out of 555 billion roubles, and with the recent sale of Otkritie obtained a refund of 352 billion roubles.<ref>{{Cite news |last1=Marrow |first1=Alexander |last2=Fabrichnaya |first2=Elena |last3=Kiselyova |first3=Maria |date=2022-12-22 |title=Russia's No.2 lender VTB to buy rescued Otkritie Bank for $4.7 bln |language=en |work=Reuters |url=https://www.reuters.com/markets/deals/russias-bailed-out-otkritie-bank-be-sold-vtb-47-bln-2022-12-22/ |access-date=2023-01-03}}</ref>

According to Russian calculations, the country's economy shrank by 2.5% in 2022, showing better dynamics than expected by Western analysts. Both Russia's current trade account balance and foreign currency reserves increased significantly due to decreased imports from Western countries. Because of the increased expenditure for the [[2022 Russian invasion of Ukraine]], Moscow posted a record budget deficit of US$47.3 billion in 2022 (2.3% of GDP) requiring a drawdown from the [[Russian National Wealth Fund|National Wealth Fund]]. Some of the reduction in trade with Western Europe was compensated by a record trade balance with China, US$190 billion in 2022.<ref>{{Cite news |date=2023-01-13 |title=China's 2022 trade with Russia hit record $190 bln - customs |language=en |work=Reuters |url=https://www.reuters.com/world/china-customs-says-trade-with-russia-hit-new-high-2022-2023-01-13/ |access-date=2023-03-23}}</ref> The Russian state as well as its citizens purchased a record amount of gold from Russian banks in 2022 (64 to 67 metric tons). Gold, which significantly increased in value in late 2022 and early 2023, is seen as another backbone of the Russian economy. Russia attempts to create a gold-backed [[stablecoin]] to support its foreign trade in light of ongoing sanctions.<ref>[https://www.washingtonpost.com/world/2023/01/18/sanctions-russia-fail-work-economy-expectations/ "Putin says Russia's economy beat expectations. Did sanctions fail?"] ''The Washington Post''. Accessed 18 Jan 2023.</ref><ref>[https://theins.ru/en/news/258498 "Russians buy record number of gold bars in 2022, Vedomosti reports"]. ''The Insider''. Accessed 18 Jan 2023.</ref>

====2023====

Two financial reports from late 2022 and early 2023 concluded that only 8.5% or less than one out of ten companies had divested at least one subsidiary in Russia. In comparison, between economic regions, 18% of US companies with subsidiaries exited Russia, some 15% of Japanese firms and only 8.3% of EU firms have done the same. Among EU nations, Italian companies were least likely to exit from Russia. Particularly firms involved in lucrative resource extraction and agriculture remain active there, but also pharmaceutical companies, which are exempt from sanctions. Quantitatively, those companies which left Russia (a total of 120) represent only 6.5% of total profits of all the firms active there. Even companies that planned a full withdrawal had struggled to pull out their businesses swiftly and comply with sanctions or NGO demands, according to business analysts.<ref>Plüss JD (27 January 2023) [https://www.swissinfo.ch/eng/why-western-companies-still-can-t-quit-russia/48239198 Why Western companies still can’t quit Russia] ''swissinfo.ch''. Accessed 30 Jan 2023.</ref><ref>Evenett, Simon and Pisani, Niccolò, Less than Nine Percent of Western Firms Have Divested from Russia (20 December 2022). Available at SSRN: https://ssrn.com/abstract=4322502</ref>

Year on year, Russian car production fell 67% from 2022 to 2023. Truck production decreased 24% <ref>{{Cite web |title=Production of passenger cars in Russia down 67% in 2022 to 450,000 units, says Rosstat |url=https://tass.com/economy/1570197 |access-date=2023-03-22 |website=TASS}}</ref><ref>{{Cite web |last=www.ETAuto.com |title=Russian car production slumped to lowest since Soviet times in 2022 - ET Auto |url=https://auto.economictimes.indiatimes.com/news/industry/russian-car-production-slumped-to-lowest-since-soviet-times-in-2022/97544627 |access-date=2023-03-22 |website=ETAuto.com |language=en}}</ref> A particularly drastic fall occurred in May 2022 when car production dropped 97%,<ref>{{Cite web |last= |first= |date=2022-06-30 |title=Russia's Car Manufacturing Collapses by 97% in May |url=https://www.themoscowtimes.com/2022/06/30/russias-car-manufacturing-collapses-by-97-in-may-a78151 |access-date=2023-03-22 |website=The Moscow Times |language=en}}</ref> but rebounded after some adaptations. Car sales fell 63%<ref>{{Cite web |title=Russia's January car sales down 63% year-on-year, says AEB |url=https://financialpost.com/pmn/business-pmn/russias-january-car-sales-down-63-year-on-year-says-aeb |access-date=2023-03-22 |website=financialpost |language=en-CA}}</ref>

In March 2023, renewed assessments on the Russian economy were made public. Former [[Russian Central Bank]] official Alexandra Prokopenko had warned that "Russia's economy is entering a long-term regression". Western economists also expressed that Russia's resilience was only short term, and that subsequent to the oil and gas embargo by Europe in late 2022 and early 2023, the RF would enter a recessive period. The IMF predicts that Russia's economic growth would be at only 1%, down from 3.5% before 2014, when it annexed the [[Crimea]] from [[Ukraine]]. Russia's federal budget deficit continued into 2023, requiring additional drawdowns from the [[Russian National Wealth Fund|National Wealth Fund]], economists predicted a further isolation of the Russian economy. Meanwhile, later that month, Mr. Putin and Chinese PM [[Xi Jinping]] had met again also to further increase economic cooperation particularly in the area of [[high technology]] and energy. Despite Russia's present slow growth, it has increased its military output, as the production of finished metal goods increased by 7% in 2022 due to the conflict in the Ukraine.<ref>Kantchev, G., Gershkovich, E., (28 March 2023) [https://www.wsj.com/articles/russias-economy-is-starting-to-come-undone-431a2878 "Russia’s Economy Is Starting to Come Undone"] ''WSJ''. Accessed 28 March 2023.</ref><ref>Wittels J., Prem P. (27 March 2023) [https://www.bloomberg.com/news/articles/2023-03-27/russia-s-diesel-exports-heading-for-record-despite-eu-sanctions?leadSource=uverify%20wall "Russia’s Diesel Exports Heading for Record Despite EU Sanctions"] ''Bloomberg''. Accessed 28 March 2023.</ref>

In early April 2023, ''Bloomberg News'' noted that Russia's seaborne crude oil exports had increased due to the sanctions on pipeline deliveries to Western Europe. According to ship-tracking data, the nation's shipments surged by 1 million barrels/d to a new high of 4.13 million barrels. Data also indicates that most sales were conducted below the price cap of $60/barrel, because Russia offered discounts on [[Urals oil]] or the price cap set by Western nations showed some effects to reduce Russia’s revenues.

In mid 2023, new data showed that Russia's economic decline was well below the value analysts had predicted earlier. The fall-out for the Russian economy was already much less severe in 2022, namely 2.1% rather than the double digit numbers the West forecasted. Meanwhile, the [[Russian Central Bank]] held its interest rate at 7.5% for June to allow more borrowing by the Russian economy that still experiences a significant inflation risk. China-Russia trade surged as well reaching $93.8 billion since January 2023, a 75.6% increase, to replace declining trade volumes with the countries imposing sanctions. Its economy is now predicted to only fall by 0.7%.<ref>Marrow A, Fabrichnaya E (June 1, 2023) [https://www.reuters.com/markets/rates-bonds/russia-hold-rates-next-week-2023-gdp-growth-seen-improving-2023-06-01/ "Russia to hold rates next week, 2023 GDP growth may improve, Reuters poll shows"] ''Reuters''. Accessed 8 June 2023.</ref><ref>Wang P (June 7, 2023).[https://edition.cnn.com/2023/06/07/business/china-russia-trade-increase-intl/index.html#:~:text=Bilateral%20trade%20between%20Russia%20and,General%20Administration%20of%20Customs%20showed. "China sees biggest trade increase with Russia in 2023, Chinese customs data shows"] ''CNN Business''. Accessed 8 June 2023.</ref> The ruble continues its slow but steady decline.<ref>{{cite web |title=Russian Ruble Stabilizes After Falling to Weakest in About 15 Months |url=https://www.barrons.com/articles/russian-ruble-ukraine-wagner-putin-3407ec12 |date=26 June 2023}}</ref>

The Russian budget deficit for the five months to May was 3.41 trillion roubles ($41.9 billion) higher than the planned budget deficit for the whole year, with gas and oil revenues down 49% on 2022, spending was up 26% and non-oil-and-gas revenues were 9% higher.<ref>{{cite web |title=Russian budget deficit narrows to $42 billion after May surplus |website=[[Reuters]] |url=https://www.reuters.com/markets/europe/russian-budget-deficit-narrows-42-bln-after-slight-surplus-may-2023-06-06/ |date=6 June 2023}}</ref>

Some limitations on the effect of sanctions was seen in July 2023, when crude oil prices were again up with some Urals oil trading just above US$60 per barrel. The recent decline in oil revenue was due to lower prices in late 2022 and early 2023, with little sign that Russia's oil export volume actually decreased.

In late December 2023, [[Deputy Prime Minister of Russia]] [[Alexander Novak]] confirmed earlier reports that the country had shifted most if its sales of Russian crude to China and India while still supplying 4-5% of its total sales to European destinations. He also forecasted relatively high prices at around $80-85 (roughly €72-77) per barrel to continue well into 2024. In 2023 about 90% of Russian oil exports were delivered to the two largest Asian nations, which are totaling a revenue of almost 9 trillion rubles (roughly $98 billion), which is about 27% of its GDP. Russia had reported that 40-45% were due to exports to India, a market that is expected to grow most rapidly for its Asian-Pacific segment. Initially E.U. politicians had shrugged off this development, assuming net revenues for Russia were much lower due to steep discounts and lower prices on the global market, but as India had expanded its capabilities in oil refining and re-exporting particularly diesel fuel to Europe, this development had again been interpreted by Western nations as a problematic breach of international sanctions they impose to curtail Russia’s ambitions during the war in Ukraine. About 57% of Russia’s export revenues are based on sales of crude, and it aims to further expand that market to nations in Africa as well as South America in the coming years.<ref>[https://www.dw.com/ “Russia pivots oil sales to India amid Ukraine sanctions”] dw.com. Retrieved 28. December 2023.</ref>

===Effects on US and EU countries===

==== 2014-2021 ====
As of 2015, the losses of EU have been estimated as at least €100 billion.<ref name="newsweek"/> The German business sector, with around 30,000 workplaces depending on trade with the Russian Federation, also reported being affected significantly by the sanctions.<ref>{{cite news|url=http://www.ft.com/intl/cms/s/0/d1f4d81c-7160-11e4-818e-00144feabdc0.html#axzz3LCl0J6ZG |title=German businesses suffer fallout as Russia sanctions bite |work=[[Financial Times]] |date=26 November 2014 |access-date=28 May 2016 |author-last1=Wagstyl |author-first1=Stefan |archive-date=4 December 2021 |archive-url=https://web.archive.org/web/20211204182211/https://www.ft.com/content/d1f4d81c-7160-11e4-818e-00144feabdc0#axzz3LCl0J6ZG |url-status=live}}</ref> The sanctions affected numerous European market sectors, including energy, agriculture,<ref>{{cite web|url=http://www.neurope.eu/article/eu-agro-business-suffers-from-russian-embargo/ |title=EU agro-business suffers from Russian Embargo |archive-url=https://web.archive.org/web/20160209051843/http://neurope.eu/article/eu-agro-business-suffers-from-russian-embargo/ |archive-date=9 February 2016 |website=New Europe |date=22 June 2015}}</ref> and aviation among others.<ref>{{cite web|url=http://aviationweek.com/ebace-2015/russia-sanctions-stall-europes-business-aviation-market |title=Russia Sanctions Stall Europe's Business Aviation Market |archive-url=https://web.archive.org/web/20170106170447/http://aviationweek.com/ebace-2015/russia-sanctions-stall-europes-business-aviation-market |archive-date=6 January 2017 |website=Aviation Week |date=5 May 2015}}</ref> In March 2016, the Finnish farmers' union MTK stated that the Russian sanctions and falling prices have put farmers under tremendous pressure. Finland's Natural Resources Institute LUKE has estimated that in 2015, farmers saw their incomes shrink by at least 40 percent compared to the previous year.<ref>{{cite web|url=http://yle.fi/uutiset/tractors_roll_into_helsinki_for_massive_farmers_demo/8736410 |title=Tractors roll into Helsinki for massive farmers' demo |work=[[Yle|Yle Uutiset]] |date=11 March 2016 |access-date=28 May 2016 |archive-url=https://web.archive.org/web/20160515042839/http://yle.fi/uutiset/tractors_roll_into_helsinki_for_massive_farmers_demo/8736410 |archive-date=15 May 2016 |url-status=live}}</ref>

In February 2015, [[Exxon Mobil]] reported losing about $1 billion due to Russian sanctions.<ref>{{cite web|url=https://www.forbes.com/sites/kenrapoza/2015/02/27/heres-what-exxons-lost-from-russia-sanctions/ |title=Here's What Exxon Lost From Russia Sanctions |archive-url=https://web.archive.org/web/20170729120850/https://www.forbes.com/sites/kenrapoza/2015/02/27/heres-what-exxons-lost-from-russia-sanctions/ |archive-date=29 July 2017 |website=[[Forbes]] |date=27 February 2015}}</ref>

In 2017, the UN Special Rapporteur Idriss Jazairy published a report on the impact of sanctions, stating that the EU countries were losing about "3.2 billion dollars a month" due to them. He also noted that the sanctions were "intended to serve as a deterrent to Russia but run the risk of being only a deterrent to the international business community, while adversely affecting only those vulnerable groups which have nothing to do with the crisis" (especially people in Crimea, who "should not be made to pay collectively for what is a complex political crisis over which they have no control").<ref>{{cite web |url=https://www.ecoi.net/file_upload/1930_1504082857_g1722595.pdf |title=Report of the Special Rapporteur on the negative impact of unilateral coercive measures on the enjoyment of human rights, on his mission to the Russian Federation |access-date=13 September 2017 |archive-url=https://web.archive.org/web/20170913231507/https://www.ecoi.net/file_upload/1930_1504082857_g1722595.pdf |archive-date=13 September 2017 |url-status=live }}</ref><ref>{{cite web|url=http://www.ohchr.org/EN/NewsEvents/Pages/DisplayNews.aspx?NewsID=21552&LangID=E |title=Unilateral sanctions against Russia hurt most vulnerable groups with limited impact on international businesses, UN expert finds |publisher=OHCHR |date=28 April 2017 |access-date=1 November 2017|archive-url=https://web.archive.org/web/20171019033638/http://www.ohchr.org/EN/NewsEvents/Pages/DisplayNews.aspx?NewsID=21552&LangID=E |archive-date=19 October 2017 |url-status=live}}</ref><ref>{{cite web |url=http://www.ohchr.org/EN/NewsEvents/Pages/DisplayNews.aspx?NewsID=21543&LangID=E |title=Visit of the Special Rapporteur on the negative impact of unilateral coercive measures on the enjoyment of human rights to the Russian Federation, 24 to 28 April 2017 |access-date=13 September 2017 |archive-url=https://web.archive.org/web/20170913231632/http://www.ohchr.org/EN/NewsEvents/Pages/DisplayNews.aspx?NewsID=21543&LangID=E |archive-date=13 September 2017 |url-status=live }}</ref>

==== 2022-date ====
In May 2022, the EU decided to partially ban Russian oil imports, except those obtained through pipelines via [[Hungary]], [[Slovakia]] and the [[Czech Republic]] until the end of 2022. Crude oil prices again jumped as supplies for fossil fuels remained constrained; the decision by the [[European Council]] exacerbated worries about an already-tight energy market.<ref>[https://www.cnbc.com/2022/05/31/oil-prices-eu-russian-crude.html Oil prices jump after EU leaders agree to ban most Russian crude imports]. ''cnbc.com''. Retrieved 31 May 2022.</ref> Besides Hungary, which gained significant exemptions from the oil embargo, [[Italy]] was also initially an opponent of such sanctions. The EU oil embargo is now putting at risk one of Italy's largest refineries, located in Sicily's [[Province of Syracuse]].<ref>[https://apnews.com/article/russia-ukraine-politics-economy-global-trade-b0c193007210592123112e2db1069461 "Italy imports more Russian oil despite impending embargo"] ''apnews.com''. Retrieved 1 June 2022.</ref>

The detrimental effects on European countries from economic sanctions against Russia had been initially valued as not significant compared to the impact these measures have on the [[Russian economy]]. However, after 2022, a number of economists have pointed out that Eastern European countries with more intense economic relations with Russia (and Ukraine) before the conflict, would experience more disruptions to their economies. These 'asymmetric effects' might be considerable, particularly for smaller countries with domestic production, as these international sanctions not only affected the energy industry but also agriculture and manufacturing, as well as the [[financial sector]].<ref>[https://www.economic-policy.org/77th-economic-policy-panel/trade-sanctions/ Effects of trade sanctions against Russia:] ''economic-policy.org''. Accessed 20 April 2023.</ref> After the onset of the armed conflict in 2022, energy prices had skyrocketed, contributing to the [[2021–2023 global energy crisis|2021/2022 energy crisis]]. While those energy prices in 2023 had fallen again and shortages, particularly for LNG had eased, other factors came into play, such as the serious disruption of grain exports through the [[Organization of the Black Sea Economic Cooperation|Black Sea corridor]], thus causing a glut of grain in Eastern Europe, depressing prices seriously and endangering the livelihood of local farmers in [[Poland]], [[Hungary]] as well as [[Bulgaria]].<ref>Knight M. & Hallam J. (19 April 16, 2023) [https://www.cnn.com/2023/04/16/europe/poland-bans-grain-ukraine-intl/index.html "Poland and Hungary ban Ukrainian grain amid glut from neighbor"] ''CNN''. Accessed 20 April 2023.</ref>

In contrast, economic sanctions against Russia's petrochemical industry have benefited the U.S. energy economy, while Europe was impacted negatively. Exports of American LNG to Europe have more than doubled since 2021. According to the [[International Energy Agency]], US shipments of natural gas to Europe in June 2022 exceeded the amount Russia was supplying via pipelines.<ref>{{Cite web|last=Robertson|first=Harry|title=Energy traders are making a killing exporting US natural gas to Europe as prices soar – with some single shipments bringing in $200 million|url=https://markets.businessinsider.com/news/commodities/us-natural-gas-exports-europe-surge-energy-crisis-trader-profits-2022-8|access-date=2022-10-01|website=Markets Insider|language=en-US}}</ref> In late 2022, German Economy Minister [[Robert Habeck]] accused the US and other "friendly" gas supplier nations from profiting in the Ukraine war with "astronomical prices". He called for more solidarity by the US to assist energy-pressed allies, and to reverse the economic decline in Europe.<ref>[https://www.cnbc.com/2022/10/05/german-minister-criticizes-us-over-astronomical-natural-gas-prices.html "German minister criticizes U.S. over ‘astronomical’ natural gas prices"] {{Webarchive|url=https://web.archive.org/web/20221018063745/https://www.cnbc.com/2022/10/05/german-minister-criticizes-us-over-astronomical-natural-gas-prices.html |date=2022-10-18 }} ''cnbc.com''. Retrieved 5 October 2022.</ref>

According to the ''Financial Times'', European companies had lost at least 200 billion € in 2022 in Germany alone due to reduced profits from sanctions in the automobile, energy and chemical sectors. The German chemical sector by itself experienced a current decline of 25% in 2023, after a still smaller decline of 8.5% in 2022.<ref>[https://www.businessinsider.de/wirtschaft/russland-sanktionen-milliardenverluste-fuer-firmen/  "Europäische Firmen haben Milliarden durch die Sanktionen gegen Russland verloren –auch diese deutschen Unternehmen gehören zu den Verlierern"]  Business Insider Deutschland. 09 Aug 2023. Accessed 27 Aug 2023.</ref> 

In September 2023, the Dutch shipyard [[Damen Group]] has initiated a lawsuit against the government of the Netherlands for losses inflicted by these measures. The cancellation of contracts from Russian clients had significantly impacted the business environment for many shipbuilders. The financial setbacks for that industry stems from the severance of ties with its Russian engineering branch, according to the statement.<ref>[https://www.superyachtnews.com/business/damen-sues-dutch-government „Damen sues Dutch government“] Superyacht News. Accessed 5 Oct 2023</ref>

=== Effect on global food supply ===
{{Further|2022 food crises}}
[[File:Putin-Sall meeting (2022-06-03) 03.jpg|thumb|Vladimir Putin meets the President of the [[African Union]], [[Macky Sall]], in Sochi to discuss grain deliveries from Russia and Ukraine to Africa, 3 June 2022]]
Western countries have accused Russia to interfere with wheat exports from Ukraine due to armed confrontations in [[Odesa]] and other Ukrainian ports. Later the [[Kremlin]] pushed back and accused the West of imposing sanctions on the [[Russian economy]] that hinder the export of wheat from the [[Russian Federation]]. Spokesperson [[Dmitry Peskov]] referred to Russia as "a rather reliable grain exporter". During a meeting with [[Italian Prime Minister]] [[Mario Draghi]], Putin confirmed Russia's willingness to make "a significant contribution to overcoming the food crisis through the export of grain and fertilizer" but mentioned Western sanctions as the caveat.<ref>[https://www.marketwatch.com/story/russia-accused-of-trying-to-hold-the-world-to-ransom-for-blocking-ukraines-wheat-grain-exports-01653618873 "Russia accused of 'trying to hold the world to ransom' for blocking Ukraine's wheat, grain exports"] ''marketwatch.com''. Retrieved 31 May 2022.</ref><ref>[https://www.reuters.com/world/kremlin-says-west-triggered-global-food-crisis-with-sanctions-2022-05-23/ "Kremlin says West triggered global food crisis with sanctions"] ''Reuters''. Retrieved 31 May 2022.</ref>

The head of the [[African Union]], Senegalese President [[Macky Sall]], remarked that the side effects of the EU's decision to expel many Russian banks from [[SWIFT]] will hurt the ability of African countries to pay for imported food and [[fertilizer]]s from Russia. French President [[Emmanuel Macron]] responded that difficulties have nothing to do with EU sanctions.<ref>{{cite news |title=African Union chief urges EU to ease food payments to Russia |url=https://www.politico.eu/article/african-union-chief-urges-eu-to-ease-food-payments-to-russia/ |work=Politico |date=19 June 2022}}</ref>

On 22 July 2022, the [[Black Sea Grain Initiative]] was signed.<ref>{{cite news |date=22 July 2022 |title=Guterres says agreement signed on export of grain by Black Sea |work=Interfax |url=https://interfax.com/newsroom/top-stories/81568/ |url-status=live |access-date=1 August 2022 |archive-url=https://web.archive.org/web/20220729031356/https://interfax.com/newsroom/top-stories/81568/ |archive-date=29 July 2022}}</ref> The facilitated exports of Ukrainian grain via the [[Black Sea]] amid the ongoing war has been described as "a beacon of hope" by the UN Secretary-General [[António Guterres]] during the signing ceremony in [[Istanbul]], [[Turkey]].<ref>[https://news.un.org/en/story/2022/07/1123062 "Black Sea grain exports deal 'a beacon of hope' amid Ukraine war - Guterres"] ''un.org''. Retrieved 2 August 2022.</ref>

On 14 September 2022, UN Secretary-General Antonio Guterres reiterated his concerns over a constrained fertilizer supply from Russia due to the [[2022 Russian invasion of Ukraine]] and subsequent economic sanctions. According to the source, UN diplomats held discussions to re-open the Togliatti-Odesa pipeline carrying [[ammonia]]. President [[Volodymyr Zelenskiy]] had offered such a move in exchange for the release of [[prisoners of war]] held by Russia. But TASS news agency quoted Kremlin spokesman [[Dmitry Peskov]], who dismissed such an idea, as saying  "are people and ammonia the same thing?".<ref>Balmforth, Tom (September 16, 2020) [https://www.reuters.com/world/europe/zelenskiy-tells-russia-hand-over-pows-return-ammonia-exports-2022-09-16/ "Exclusive: Zelenskiy suggests resuming Russia ammonia exports in exchange for POWs, Kremlin says no"] ''Reuters''.</ref> The pipeline remained unused.

At the 38th meeting of the Standing Committee for Economic and Commercial Cooperation (COMCEC) of the [[Organization of Islamic Cooperation]] (OIC) in Istanbul, [[Erdogan]] remarked that over 11 million tonnes of grain had been transported through the Black Sea Grain Corridor since the successful implementation of the [[Black Sea Grain Initiative]]. He also noted that the opening of the grain corridor through the Black Sea showed that a diplomatic solution is possible in the [[2022 Russian invasion of Ukraine|conflict between Russia and Ukraine]].<ref>[https://www.ukrinform.net/rubric-polytics/3623629-erdogan-believes-war-in-ukraine-can-be-stopped-through-diplomacy.html Erdogan believes war in Ukraine can be stopped through diplomacy] ''ukrinform.net''. Retrieved 5 December 2022.</ref>

In July 2023 Russia refused to renew the [[Black Sea Grain Initiative]] which had transported 33 million tonnes of grain and other food products on 1,000 ships.<ref>{{cite web |date=16 July 2023 |title=Vessel Movements |url=https://www.un.org/en/black-sea-grain-initiative/vessel-movements |url-status=live |archive-url=https://web.archive.org/web/20221001042036/https://www.un.org/en/black-sea-grain-initiative/vessel-movements |archive-date=1 October 2022 |access-date=16 July 2023 |work=Black Sea Grain Initiative Joint Coordination Centre |publisher=United Nations}}</ref>

=== Other effects===
==== Shifting to safe havens ====
Under the sanctions imposed by the US and the European Union, [[Russian oligarchs]] began looking for safe havens financially. Many of them moved their wealth to countries like the [[United Arab Emirates]] (UAE), which could not match the Western sanctions.<ref>{{cite news|url=https://www.nytimes.com/2022/03/09/us/russian-oligarchs-sanctions-dubai.html|title=How a Playground for the Rich Could Undermine Sanctions on Oligarchs|date=9 March 2022|access-date=14 March 2022|website=The New York Times|archive-date=14 March 2022|archive-url=https://web.archive.org/web/20220314075005/https://www.nytimes.com/2022/03/09/us/russian-oligarchs-sanctions-dubai.html|url-status=live}}</ref><ref>{{cite web|url=https://www.reuters.com/markets/asia/uae-could-be-russian-oligarchs-next-playground-2022-03-04/|title=UAE could be Russian oligarchs' next playground|date=4 March 2022|access-date=14 March 2022|website=Reuters|archive-date=14 March 2022|archive-url=https://web.archive.org/web/20220314124950/https://www.reuters.com/markets/asia/uae-could-be-russian-oligarchs-next-playground-2022-03-04/|url-status=live}}</ref> Investigations spotted a number of superyachts moored in [[Dubai]] and the [[Maldives]].<ref>{{cite web|url=https://www.businessinsider.com/russian-oligarchs-try-to-escape-sanctions-take-jets-yachts-dubai-2022-3|title=Russian oligarchs are escaping sanctions by taking their private jets and yachts to places like Dubai and the Maldives|date=10 March 2022|access-date=14 March 2022|website=Business Insider|archive-date=13 March 2022|archive-url=https://web.archive.org/web/20220313150938/https://www.businessinsider.com/russian-oligarchs-try-to-escape-sanctions-take-jets-yachts-dubai-2022-3|url-status=live}}</ref> Private jets owned by these oligarchs were also tracked flying back and forth from Moscow to Dubai and [[Israel]].<ref>{{cite web|url=https://www.dw.com/en/why-is-uae-a-hot-spot-for-russians-dodging-sanctions/a-61099194|title=Why is the UAE a hot spot for Russians dodging sanctions?|date=12 March 2022|access-date=14 March 2022|website=Deutsche Welle|archive-date=14 March 2022|archive-url=https://web.archive.org/web/20220314030459/https://www.dw.com/en/why-is-uae-a-hot-spot-for-russians-dodging-sanctions/a-61099194|url-status=live}}</ref><ref>{{cite web|url=https://www.businessinsider.com/russia-private-jets-oligarchs-sanctions-israel-2022-3|title=At least 14 private jets from Russia landed in Israel in the past 10 days amid the latest round of oligarch sanctions|date=12 March 2022|access-date=14 March 2022|website=Business Insider|archive-date=14 March 2022|archive-url=https://web.archive.org/web/20220314024914/https://www.businessinsider.com/russia-private-jets-oligarchs-sanctions-israel-2022-3|url-status=live}}</ref> The Russian elites have been shifting funds worth hundreds of millions of dollars from sanctioning countries like the UK and Switzerland to countries that do not impose sanctions like the UAE.<ref>{{cite web|url=https://www.reuters.com/markets/europe/fearing-wests-wrath-russias-rich-look-stash-wealth-dubai-2022-03-10/|title=Russia's rich look to stash wealth in Dubai|date=10 March 2022|access-date=14 March 2022|website=Reuters|archive-date=13 March 2022|archive-url=https://web.archive.org/web/20220313082352/https://www.reuters.com/markets/europe/fearing-wests-wrath-russias-rich-look-stash-wealth-dubai-2022-03-10/|url-status=live}}</ref> Russian oligarchs facing sanctions from the West were not just seeking to buy properties in the UAE, but for long-term residence. Analysts assessed that these billionaires could avail the service of the Emirates' "golden visa" program by investing at least $2.7 million in a local company or investment fund. The golden visa program could allow these oligarchs to live, work, and study in the UAE with full ownership of their business.<ref>{{cite web|url=https://www.businessinsider.com/russian-oligarchs-long-term-residency-united-arab-emirates-dubai-2022-4|title=Sanctioned Russian oligarchs could benefit from the UAE's golden visa program, which offers long-term residency in exchange for a multimillion-dollar investment|access-date=9 April 2022|website=Business Insider}}</ref>

The shifting to safe havens also involves large gold sales that are now conducted through the UAE first before reaching other destinations. Due to the flexibility of gold transactions, and the ability to re-issue [[gold certificate]]s as well as [[gold bullion]]s, it is practically impossible to control the flow of gold from sanctioned entities. Even when gold-rich countries, such as Switzerland had adhered to EU sanctions, and no longer import gold directly from Russia, the trade with such commodities among others, actually increased for 2022 and early 2023. Furthermore, both China and Russia had increased their [[gold reserves]] considerably, even before the onset of the hostilities between Russia and Ukraine, driving up the [[gold price]]. As the gold trade became less transparent due to the sanctions imposed on Russia, economic effects of such transactions are now much more difficult to predict.<ref>[https://www.ft.com/content/6d51fd1e-07b4-4aa6-95b0-e1634816bf3d "Swiss-owned company’s Russian gold trades expose gap in western sanctions"] Financial Times. APRIL 17 2023. Accessed 22 April 2023.</ref><ref>[https://www.bloomberg.com/news/articles/2022-04-01/russia-seeks-new-ways-to-sell-its-20-billion-a-year-gold-output#xj4y7vzkg Russia Seeks New Ways to Sell Its $20-Billion-a-Year Gold Output] ''Bloomberg''. Accessed 22 April 2023.</ref>

==== Space ====
Continued international collaboration on the operation of and missions to the [[International Space Station]] (ISS) has been thrown into doubt,<ref>{{cite journal |last1=Witze |first1=Alexandra |title=Russia's invasion of Ukraine is redrawing the geopolitics of space |url=https://www.nature.com/articles/d41586-022-00727-x |journal=Nature |access-date=13 March 2022 |language=en |doi=10.1038/d41586-022-00727-x |date=11 March 2022 |pmid=35277688 |s2cid=247407886 |archive-date=13 March 2022 |archive-url=https://web.archive.org/web/20220313014509/https://www.nature.com/articles/d41586-022-00727-x |url-status=live }}</ref> although Russia has continued with resupply missions and crew to the ISS.<ref>{{cite news |title=Russian, Japanese, Danish, And U.S. Crew Members Blast Off For Space Station |newspaper=Radiofreeeurope/Radioliberty |url=https://www.rferl.org/a/georgia-russia-cruise-ship-batumi/32527570.html |date=26 August 2023}}</ref>

==== Environmental effects ====
{{Main|Environmental impact of the 2022 Russian invasion of Ukraine}}
[[Reactions to the 2022 Russian invasion of Ukraine#Science|Scientists]] suggest the sanctions could be used to accelerate the [[renewable energy transition]]/[[decarbonization]] (i.e. for Russian fossil fuels sanctions and due to e.g. increased public acceptance of increased energy prices, [[Climate change mitigation#Enaction of a state of emergency|unconventional]] energy transition efforts and uncomfortable energy conservation measures).<ref>{{cite news |title='This is a fossil fuel war': Ukraine's top climate scientist speaks out |url=https://www.theguardian.com/environment/2022/mar/09/ukraine-climate-scientist-russia-invasion-fossil-fuels |access-date=10 March 2022 |work=The Guardian |date=9 March 2022 |language=en}}</ref><ref>{{cite news |last1=Meredith |first1=Sam |title=The enabler of Russia's war? Ukraine's top climate scientist lays the blame on fossil fuels |url=https://www.cnbc.com/2022/03/24/ukraines-top-climate-scientist-on-russias-war-and-life-in-kyiv.html |access-date=25 March 2022 |work=CNBC |date=24 March 2022 |language=en}}</ref><ref>{{cite news |last1=Einhorn |first1=Catrin |last2=Friedman |first2=Lisa |title=Nations Should Conserve Fuel as Global Energy Crisis Looms, Agency Warns |url=https://www.nytimes.com/2022/03/18/climate/global-energy-crisis-conserve.html |access-date=25 March 2022 |work=The New York Times |date=18 March 2022}}</ref>

Europe's ending dependence on Russian fossil fuels lead to a push for [[Renewable energy#Geopolitics|energy independence via renewables]].<ref>{{cite news |title=Will war fast-track the energy transition? {{!}} DW {{!}} 04.03.2022 |url=https://www.dw.com/en/will-war-fast-track-the-energy-transition/a-61021440 |access-date=25 March 2022 |work=Deutsche Welle (www.dw.com)}}</ref><ref>{{cite news |last1=Jordans |first1=Frank |title=German official: Ukraine war will boost low-emissions tech |url=https://phys.org/news/2022-03-german-ukraine-war-boost-low-emissions.html |access-date=25 March 2022 |work=phys.org |language=en}}</ref> For some countries, such as Austria, however, with less alternative energy resources, the exit from Russian gas supplies has been difficult. In 2022/23 Austria imported the same amounts of liquified gas as before the Russian invasion of the Ukraine.<ref>[https://www.nytimes.com/2023/07/31/business/energy-environment/austria-natural-gas-russia.html "Why One Country Is Struggling to Break Away From Russian Gas"] ''NYT''. July 31, 2023. Accessed 30 August. 2023.</ref> Hungary also continues to obtain the same amount of gas as before the onset of the war but due to the fact that direct transfers from Ukraine were halted in summer 2023, it will import Russian gas via the [[TurkStream]] pipeline after October 1, 2023.''<ref>{{Cite news |date=2023-04-11 |title=Hungary agrees on option for more Russian gas shipments, oil transit fees |language=en |work=Reuters |url=https://www.reuters.com/business/energy/hungary-agrees-option-more-russian-gas-shipments-oil-transit-fees-2023-04-11/ |access-date=2023-08-30}}</ref>''

Secretary-general of the United Nations [[António Guterres]] stated that "instead of hitting the brakes on the decarbonization of the [[global economy]], now is the time to put the pedal to the metal towards a renewable energy future."<ref>{{cite news |title=UN chief: Don't let Russia crisis fuel climate destruction |url=https://abcnews.go.com/International/wireStory/chief-russia-crisis-fuel-climate-destruction-83573521 |access-date=25 March 2022 |work=ABC News |language=en}}</ref>

Some political policy-makers in Europe have made decisions to replace Russian fossil fuel imports with other fossil fuels imports and small temporary increases in European coal energy production and to assist people with high fossil fuel prices.<ref>{{cite news |title=Umweltschützer kritisieren Lindners Tank-Rabatt |url=https://www.t-online.de/nachrichten/deutschland/parteien/id_91859168/umweltschuetzer-kritisieren-tank-rabatt-von-christian-lindner.html |access-date=25 March 2022 |work=www.t-online.de |language=de}}</ref>

Economic sanctions during the Russo-Ukrainian war have accelerated a temporary use of coal in energy production worldwide. Soaring [[natural gas]] prices have made coal more competitive in many markets, and some nations have resorted to coal as a substitute for potential [[energy rationing]] in winter 2022/23. With demand for coal increasing in Asia and Europe, global coal consumption is forecast to rise a minimal amount in 2022. Burning coal or petroleum products emits significantly higher amounts of [[carbon dioxide]] and [[air pollutant]]s compared to natural gas. The return to coal fills the energy gap before transition to greener and more [[sustainable energy]] sources.<ref>[https://www.iea.org/news/global-coal-demand-is-set-to-return-to-its-all-time-high-in-2022 "Global coal demand is set to return to its all-time high in 2022"]. ''iea.org''. Retrieved 31 July 2022.</ref><ref>[https://www.cnbc.com/2022/06/21/ukraine-war-europe-turns-to-coal-as-russia-squeezes-gas-supplies.html "Russia is squeezing Europe's gas supplies, sparking a bitter and reluctant return to coal"] ''cnbc.com''. Retrieved 31 July 2022.</ref>

Europe could see a drop in fossil fuel power generation of 20% in 2023 as a large boost has been given to finding and speeding up renewable energy sources and for some EU countries, continuing longer with nuclear power. The falls being in coal and gas generation with the EU determined to phase out coal quickly as planned and to now phase out gas.<ref>{{cite web |title=Wind and solar were EU's top electricity source in 2022 for first time ever |url=https://www.carbonbrief.org/wind-and-solar-were-eus-top-electricity-source-in-2022-for-first-time-ever/ |date=31 January 2023}}</ref>

== Enforcement efforts ==
The legal framework of sanctions varies across jurisdictions, including the means of enforcement and compliance.

=== Multilateral cooperation ===
On February 26, 2022, the leaders of the European Commission, France, Germany, Italy, the United Kingdom, Canada, and the United States released "Joint Statement on Further Restrictive Economic Measures," committing to the launch of "a transatlantic task force that will ensure the effective implementation of our financial sanctions by identifying and freezing the assets of sanctioned individuals and companies that exist within our jurisdictions."<ref>{{cite web |title=Déclaration conjointe sur de nouvelles mesures économiques restrictives. |trans-title=Joint statement on further restrictive economic measures. |url=https://www.elysee.fr/emmanuel-macron/2022/02/27/declaration-conjointe-sur-de-nouvelles-mesures-economiques-restrictives |website=elysse.fr |publisher=[[President of France]] |access-date=5 April 2022 |language=fr |date=27 February 2022}}</ref><ref>{{cite web |title=Joint Statement on further restrictive economic measure |url=https://www.whitehouse.gov/briefing-room/statements-releases/2022/02/26/joint-statement-on-further-restrictive-economic-measures/|website=WhiteHouse.gov |publisher=[[President of the United States of America]] |access-date=5 April 2022 |language=en |date=26 February 2022}}</ref><ref>{{cite web |title=Joint Statement on further restrictive economic measures |url=https://ec.europa.eu/commission/presscorner/detail/en/STATEMENT_22_1423 |website=ec.europa.eu |publisher=[[European Commission]] |access-date=5 April 2022 |language=en |date=26 February 2022}}</ref><ref>{{cite web |title=Joint Statement on further restrictive economic measures |url=https://pm.gc.ca/en/news/statements/2022/02/26/joint-statement-further-restrictive-economic-measures |website=pm.gc.ca |publisher=[[Prime Minister of Canada]] |access-date=5 April 2022 |language=en |date=26 February 2022}}</ref><ref>{{cite web |title=Joint Statement on further restrictive economic measures |url=https://www.gov.uk/government/news/joint-statement-on-further-restrictive-economic-measures-26-february-2022 |website=gov.co.uk |publisher=[[Prime Minister of the United Kingdom]] |access-date=5 April 2022 |language=en |date=26 February 2022}}</ref>

On March 16, 2022, [[financial intelligence]] units of Australia, Canada, France, Germany, Italy, Japan, the Netherlands, New Zealand, the United Kingdom, and the United States signed a joint [[letter of intent]] forming a working group to "enhance, expedite and engage" in coordinated efforts related to sanctions and asset recovery.<ref>{{cite web |title=RUSSIA-RELATED ILLICIT FINANCE AND SANCTIONS FIU WORKING GROUP STATEMENT OF INTENT|url=https://www.fincen.gov/news/news-releases/russia-related-illicit-finance-and-sanctions-fiu-working-group-statement-intent |website=FinCEN.gov |publisher=Financial Crimes Enforcement Network |access-date=5 April 2022 |archive-url=https://web.archive.org/web/20220316201745/https://www.fincen.gov/news/news-releases/russia-related-illicit-finance-and-sanctions-fiu-working-group-statement-intent |archive-date=16 March 2022 |date=16 March 2022}}</ref>

The same day, [[Janet Yellen]] and [[Merrick Garland]] announced the formation of the Russian Elites, Proxies, and Oligarchs (REPO) Task Force with the participation of relevant ministries from Australia, Canada, the European Commission, Germany, Italy, France, Japan, the UK. The Task Force members agree to collect and sharing information to take concrete action including sanctions, asset freezing, and civil and criminal asset seizure, and criminal prosecution.<ref>{{cite web |title=U.S. Departments of Treasury and Justice Launch Multilateral Russian Oligarch Task Force |url=https://home.treasury.gov/news/press-releases/jy0659 |website=treasury.gov |publisher=[[United States Department of the Treasury]] |access-date=5 April 2022 |archive-url=https://web.archive.org/web/20220316150353/https://home.treasury.gov/news/press-releases/jy0659 |archive-date=16 March 2022 |date=16 March 2022 |url-status=live}}</ref>

===FinCEN advisories for international banking and finance===
Though it is a United States regulatory entity, the [[Financial Crimes Enforcement Network]] is a de facto international regulator due to the dominance of the [[American dollar]] and resultant use of U.S.-based [[correspondent account]]s. In March 2022, FinCEN released two "Alerts" intended to instruct institutions on sanctions compliance. Each included several possible "flags" for a [[suspicious activity report]] under the [[Bank Secrecy Act]] for sanctions avoidance.

'''FIN-2022-Alert001 "FinCEN Advises Increased Vigilance for Potential Russian Sanctions Evasion Attempts"'''<ref>{{cite web |title=FinCEN Advises Increased Vigilance for Potential Russian Sanctions Evasion Attempts |url=https://www.fincen.gov/sites/default/files/2022-03/FinCEN%20Alert%20Russian%20Sanctions%20Evasion%20FINAL%20508.pdf |website=FinCEN.gov |publisher=[[Financial Crimes Enforcement Network]] |access-date=5 April 2022 |archive-url=https://web.archive.org/web/20220307195326/https://www.fincen.gov/sites/default/files/2022-03/FinCEN%20Alert%20Russian%20Sanctions%20Evasion%20FINAL%20508.pdf |archive-date=7 Mar 2022 |date=7 March 2022 |url-status=live}}</ref>
* Sanctions Evasion Attempts Using the U.S. Financial System
* Sanctions Evasion Using Convertible Virtual Currency (CVC)
* Possible Ransomware Attacks and Other Cybercrime

'''FIN-2022-Alert002 "FinCEN Alert on Real Estate, Luxury Goods, and Other High Value Assets Involving Russian Elites, Oligarchs, and their Family Members"'''<ref>{{cite web |title=FinCEN Alert on Real Estate, Luxury Goods, and Other HighValue Assets Involving Russian Elites, Oligarchs, and their Family Members |url=https://www.fincen.gov/sites/default/files/2022-03/FinCEN%20Alert%20Russian%20Elites%20High%20Value%20Assets_508%20FINAL.pdf |website=FinCEN.gov |publisher=[[Financial Crimes Enforcement Network]] |access-date=5 April 2022 |archive-url=https://web.archive.org/web/20220316201851/https://www.fincen.gov/sites/default/files/2022-03/FinCEN%20Alert%20Russian%20Elites%20High%20Value%20Assets_508%20FINAL.pdf |archive-date=16 March 2022 |date=16 March 2022}}</ref>
* Real Estate
* Artworks
* Precious Metals, Stones, and Jewelry (PMSJs) 
* Other High-Value Assets

===Enforcement activities of the United States===
The primary [[United States sanctions]] law, [[International Emergency Economic Powers Act]] (IEEPA), permits the President (via the Treasury) to block (or "freeze") a designated foreign person or entity's assets. The law also prohibits any [[United States person]] from transacting business with the designated foreign person or entity. Specifically, {{Usc|50|1705}} criminalizes activities that "violate, attempt to violate, conspire to violate, or cause a violation of any license, order, regulation, or prohibition," and allows for fines up to $1,000,000, imprisonment up to 20 years, or both. Additionally, United States [[asset forfeiture]] laws allow for the seizure of assets considered to be the proceeds of criminal activity.

On 3 February 2022, John "Jack" Hanick was arrested in London for violating sanctions against [[Konstantin Malofeev]], owner of [[Tsargrad TV]]. Malofeev is targeted for sanctions by the European Union and United States for material and financial support to Donbass separatists.<ref>{{cite news |last=Dugan |first=Kevin T. |url=https://nymag.com/intelligencer/2022/03/exfox-news-producer-indicted-for-work-with-russian-oligarch.html |title=Ex–Fox News Director Indicted for Working With Russian Oligarch |work=[[New York (magazine)|New York]] (nymag.com) |date=3 March 2022 |access-date=24 March 2022 |archive-date=24 March 2022 |archive-url=https://web.archive.org/web/20220324232352/https://nymag.com/intelligencer/2022/03/exfox-news-producer-indicted-for-work-with-russian-oligarch.html}}</ref><ref>{{cite web |url=https://www.justice.gov/opa/pr/tv-producer-russian-oligarch-charged-violating-crimea-related-sanctions |title=TV Producer for Russian Oligarch Charged with Violating Crimea-Related Sanctions |work=[[United States Department of Justice]] |date=3 March 2022 |access-date=24 March 2022 |archive-date=3 March 2022 |archive-url=https://web.archive.org/web/20220303193953/https://www.justice.gov/opa/pr/tv-producer-russian-oligarch-charged-violating-crimea-related-sanctions|url-status=live}}</ref><ref>{{cite news |last=Lahut |first=Jake |url=https://www.businessinsider.com/fox-news-director-indictment-russia-oligarch-tv-channel-tsargrad-2022-3 |title=Ex-Fox News director indicted for allegedly helping a Russian oligarch start pro-Putin Tsargrad TV network: report |work=[[Business Insider]] |date=4 March 2022 |access-date=24 March 2022 |archive-date=4 March 2022 |archive-url=https://web.archive.org/web/20220304211359/https://www.businessinsider.com/fox-news-director-indictment-russia-oligarch-tv-channel-tsargrad-2022-3}}</ref><ref>{{cite news |last1=Shanahan |first1=Ed |last2=Weiser |first2=Benjamin |url=https://www.nytimes.com/2022/03/03/nyregion/fox-producer-sanctions-russian-oligarch.html |title=Ex-Fox News Producer Broke Law With Work for Russian Oligarch, U.S. Says: John Hanick was on Konstantin Malofeev's payroll after Mr. Malofeev's backing of Crimean separatists led to sanctions, an indictment says. |work=[[The New York Times]] |date=3 March 2022 |access-date=24 March 2022 |archive-date=25 March 2022 |archive-url=https://web.archive.org/web/20220325002718/https://www.nytimes.com/2022/03/03/nyregion/fox-producer-sanctions-russian-oligarch.html}}</ref><ref>{{cite news |last=Pagliery |first=Jose |url=https://www.thedailybeast.com/former-fox-news-producter-for-sean-hannity-jack-hanick-indicted-for-helping-russia |title=Former Fox News Director Jack Hanick Indicted for Helping Russia: FOX HOLE. An American TV producer was arrested in London and now faces criminal charges for working with a sanctioned Russian billionaire. He used to work for Fox News. |work=[[The Daily Beast]] |date=3 March 2022 |access-date=24 March 2022 |archive-date=24 March 2022 |archive-url=https://web.archive.org/web/20220324225248/https://www.thedailybeast.com/former-fox-news-producter-for-sean-hannity-jack-hanick-indicted-for-helping-russia}}</ref><ref>{{cite magazine |last=Dickinson |first=Tim |url=https://www.rollingstone.com/politics/politics-features/jack-hanick-indictment-putin-russia-propaganda-fox-news-1317789/ |title=How a Former Fox News Director Landed in Jail for Pushing Putin Propaganda: He fell in love with Mother Russia — and an oligarch's gravy train. But a disregard for sanctions and lying to the FBI could land him in prison for years |magazine=[[Rolling Stone]] |date=7 March 2022 |access-date=24 March 2022 |archive-date=25 March 2022 |archive-url=https://web.archive.org/web/20220325004204/https://www.rollingstone.com/politics/politics-features/jack-hanick-indictment-putin-russia-propaganda-fox-news-1317789/}}</ref>{{efn|Through Malofeev, Hanick is close to the pro Russia former Greek defense minister [[Panos Kammenos]] and [[Vladimir Putin]] gives carte blanche to Tsargrad TV which according to Malofeev is the Russian equivalent to Fox News.<ref>{{cite news |last=Weaver |first=Courtney |url=https://www.ft.com/content/27125702-71ec-11e5-ad6d-f4ed76f0900a |title=God's TV, Russian style: Meet Konstantin Malofeev — the devout and fervently pro-Putin founder of Orthodox channel Tsargrad TV |work=[[Financial Times]] |date=16 October 2015 |access-date=24 March 2022 |archive-date=14 December 2016 |archive-url=https://archive.today/20161214141205/https://www.ft.com/content/27125702-71ec-11e5-ad6d-f4ed76f0900a |url-status=live }}</ref>}} Hanick was the first person criminally indicted for violating United States sanctions during the [[Russo-Ukrainian War|War in Ukraine]].<ref>{{cite news |last=Spocchia |first=Gino |url=https://www.independent.co.uk/news/world/americas/crime/fox-news-crimea-russian-oligarch-b2028644.html |title=Former Fox News director indicted for violating Crimea sanctions and helping Russian billionaire: Justice Department vows end to 'Russian aggression' with first Crimea-linked sanctions violation |work=[[The Independent]] |date=8 March 2022 |access-date=24 March 2022 |archive-date=18 March 2022 |archive-url=https://web.archive.org/web/20220318211048/https://www.independent.co.uk/news/world/americas/crime/fox-news-crimea-russian-oligarch-b2028644.html}}</ref>

According to court records, Hanick has been under sealed indictment in the [[United States District Court for the Southern District of New York]] since November 2021. The indictment was unsealed March 3, 2022. Hanick awaits extradition from the United Kingdom to the United States.<ref>{{Cite Pacer
| plaintiff = United States of America
| defendant = John Hanick, aka "Hanick"
| title = Sealed Indictment as to Sealed Defendant 1 (1) count(s) 1, 2.
| date = 4 November 2021
| case-division = 1
| case-year = 2021
| case-type = cr
| case-sequence = 00676
| att-number = 0
| case-state = NY
| case-district = sd
| doc-number = 3
| pacer-number = 569343
| access-date = 5 April 2022
| use-pacer = yes
| use-recap = yes
| case-title = United States of America v. John Hanick, aka "Hanick"
| recap-number = 569343}}</ref><ref>{{Cite Pacer
| plaintiff = United States of America
| defendant = John Hanick, aka "Hanick"
| title = Sealed Indictment as to Sealed Defendant 1 (1) count(s) 1, 2.
| date = 4 November 2021
| case-division = 1
| case-year = 2021
| case-type = cr
| case-sequence = 00676
| att-number = 0
| case-state = NY
| case-district = sd
| doc-number = 2
| pacer-number = 569343
| access-date = 5 April 2022
| use-pacer = yes
| use-recap = yes
| case-title = United States of America v. John Hanick, aka "Hanick"
| recap-number = 569343}}</ref>

[[File:B-roll from Seizure of $90M Yacht of Sanctioned Russian Oligarch Vekselberg by Spain at U.S. Request.webm|thumb|Footage from the 4 April 2022 seizure of the Motoryacht ''Tango'' in [[Palma de Mallorca]] from a warrant executed by [[Civil Guard (Spain)|Guardia Civil]], [[Homeland Security Investigations]] and [[Federal Bureau of Investigation]]]]
[[File:$90M Yacht of Sanctioned Russian Oligarch Viktor Vekselberg Seized by Spain at Request of U.S.webm|thumb|[[United States Attorney General]] [[Merrick B. Garland]] announces the [[Asset forfeiture|seizure]] of the Motoryacht ''Tango'' on 4 April 2022.]]In the March 1, 2022 [[2022 State of the Union Address|State of the Union Address]], American President [[Joe Biden]] announced an effort to target the wealth of Russian oligarchs.{{blockquote|text=Tonight, I say to the Russian oligarchs and the corrupt leaders who've bilked billions of dollars off this violent regime: No more.

The United States — I mean it. The [[United States Department of Justice]] is assembling a dedicated task force to go after the crimes of the Russian oligarchs.

We're joining with European Allies to find and seize their yachts, their luxury apartments, their private jets. We're coming for your ill-begotten gains.<ref name=SOTU2022>{{cite speech |last=Biden |first=Joseph R. |author-link=Joe Biden |title=President Biden's State of the Union Address
|date=1 March 2022 |url=https://www.whitehouse.gov/state-of-the-union-2022/ |access-date=31 March 2022 |archive-url=https://web.archive.org/web/20220326153653/https://www.whitehouse.gov/state-of-the-union-2022/ |archive-date=26 March 2022}}</ref>
}}
On March 2, 2022, [[U.S. Attorney General]] [[Merrick B. Garland]] announced the formation of [[Task Force KleptoCapture]], an inter-agency effort.<ref>{{cite web |title=Attorney General Merrick B. Garland Announces Launch of Task Force KleptoCapture |url=https://www.justice.gov/opa/pr/attorney-general-merrick-b-garland-announces-launch-task-force-kleptocapture |website=Justice.gov |publisher=United States Department of Justice |access-date=5 April 2022 |archive-url=https://web.archive.org/web/20220302171456/https://www.justice.gov/opa/pr/attorney-general-merrick-b-garland-announces-launch-task-force-kleptocapture |archive-date=2 March 2022 |date=2 March 2022 |url-status=live}}</ref>

On March 11, 2022, United States President [[Joe Biden]] signed {{Executive Order|14068}}, "Prohibiting Certain Imports, Exports, and New Investment With Respect to Continued Russian Federation Aggression," an order of economic sanctions under the United States [[International Emergency Economic Powers Act]] against several oligarchs. The order targeted two properties of [[Viktor Vekselberg]] worth an estimated $180 million: an [[Airbus A319-115]] jet and the [[motoryacht]] ''Tango''.<ref>{{cite web |title=Treasury Sanctions Kremlin Elites, Leaders, Oligarchs, and Family for Enabling Putin's War Against Ukraine |url=https://home.treasury.gov/news/press-releases/jy0650 |website=Treasury.gov |publisher=United States Department of the Treasury |access-date=4 April 2022 |archive-url=https://web.archive.org/web/20220311220752/https://home.treasury.gov/news/press-releases/jy0650 |archive-date=11 March 2022 |date=11 March 2022 |url-status=live}}</ref> Estimates of the value of the ''Tango'' range from $90 million ([[U.S. Department of Justice]] estimate) to $120 million (from the website Superyachtfan.com).

On April 4, 2022, the yacht was seized by [[Civil Guard (Spain)|Civil Guard]] of Spain and U.S. federal agents in [[Mallorca]]. A [[United States Department of Justice]] press release states that the seizure of the ''Tango'' was by request of [[Task Force KleptoCapture]], an interagency task force operated through the [[U.S. Deputy Attorney General]].<ref name=":0b">{{Cite web |date=2022-04-04 |title=US seizes yacht owned by oligarch with close ties to Putin |url=https://apnews.com/article/russia-ukraine-war-oligarch-yacht-seized-e8415972392839f818c5505aa93fc8a5 |access-date=2022-04-04 |website=AP NEWS |language=en}}</ref><ref>{{cite web |title=La Guardia Civil incauta en Mallorca el yate de un oligarca ruso reclamado por EEUU |trans-title=The Civil Guard seizes in Mallorca the yacht of a Russian oligarch claimed by the US |url=https://www.guardiacivil.es/es/prensa/noticias/8171.html |website=GuardiaCivil.es |publisher=[[Civil Guard (Spain)|Guardia Civil]] |access-date=4 April 2022 |archive-url=https://archive.today/20220404192550/https://www.guardiacivil.es/es/prensa/noticias/8171.html |archive-date=4 April 2022 |language=es |date=4 April 2022 |url-status=live }}</ref><ref>{{cite web |title=$90 Million Yacht of Sanctioned Russian Oligarch Viktor Vekselberg Seized by Spain at Request of United States |url=https://www.justice.gov/opa/pr/90-million-yacht-sanctioned-russian-oligarch-viktor-vekselberg-seized-spain-request-united |website=Justice.gov |access-date=4 April 2022 |archive-url=https://web.archive.org/web/20220404153226/https://www.justice.gov/opa/pr/90-million-yacht-sanctioned-russian-oligarch-viktor-vekselberg-seized-spain-request-united |archive-date=4 April 2022 |date=4 April 2022}}</ref> The matter is pending in the [[United States District Court for the District of Columbia]]. The affidavit for the seizure warrant states that the yacht is seized on probable cause to suspect violations of {{USC|18|1349}} (conspiracy to commit [[bank fraud]]), {{USC|50|1705}} ([[International Emergency Economic Powers Act]]), and {{USC|18|1956}} ([[money laundering]]), and as authorized by American statutes on civil and criminal [[asset forfeiture]].<ref>{{cite web |title=In the Matter of the Seizure of The Motor Yacht Tango, with International Maritime Organization Number 1010703 |url=https://www.justice.gov/opa/press-release/file/1490356/download |website=Justice.gov |access-date=4 April 2022}}</ref>

On 6 April 2022, the [[United States Department of Justice]] unsealed a 2021 criminal indictment of [[Konstantin Malofeev]] on the charges of making false statements ({{Usc|18|1001}}), violating United States sanctions under [[IEEPA]] ({{Usc|50|1705}}) as well as the derivative regulations of {{Executive Order|13660}}, {{Executive Order|13661}}, and {{Executive Order|13662}}, and {{CodeFedReg|31|589|201}}. The Department of Justice states that Malofeyev is the first sanctioned oligarch that the United States have charged.<ref>{{cite web |title=Russian Oligarch Charged With Violating United States Sanctions |url=https://www.justice.gov/usao-sdny/pr/russian-oligarch-charged-violating-united-states-sanctions |website=justice.gov |publisher=[[United States Department of Justice]] |access-date=6 April 2022 |archive-url=https://web.archive.org/web/20220406150428/https://www.justice.gov/usao-sdny/pr/russian-oligarch-charged-violating-united-states-sanctions |archive-date=6 April 2022 |date=6 April 2022 |url-status=live}}</ref>

== Russian counter-sanctions ==
=== 2014 ===
Three days after the first sanctions against Russia, on 20 March 2014, the [[Foreign Ministry of Russia|Russian Foreign Ministry]] published a list of reciprocal sanctions against certain American citizens, which consisted of ten names, including Speaker of the House of Representatives [[John Boehner]], Senator [[John McCain]], and two advisers to [[Barack Obama]]. The ministry said in the statement, "Treating our country in such way, as Washington could have already ascertained, is inappropriate and counterproductive", and reiterated that sanctions against Russia would have a [[Boomerang effect (psychology)|boomerang effect]].{{citation needed|date=November 2020}} On 24 March, Russia banned thirteen Canadian officials, including members of the [[Parliament of Canada]], from entering the country.<ref name="theglobeandmail.com">{{cite news |first=Steven |last=Chase |url=https://www.theglobeandmail.com/news/politics/russia-bans-entry-to-13-canadians-in-retaliation-for-ottawas-sanctions/article17635115/ |title=Russia imposes sanctions on 13 Canadians, including MPs |work=[[The Globe and Mail]] |date=24 March 2014 |access-date=20 April 2014 |location=Toronto |archive-url=https://web.archive.org/web/20140328225952/http://www.theglobeandmail.com/news/politics/russia-bans-entry-to-13-canadians-in-retaliation-for-ottawas-sanctions/article17635115/ |archive-date=28 March 2014 |url-status=live }}</ref>

On 6 August 2014, Putin signed a decree "On the use of specific economic measures", which mandated an effective embargo for a one-year period on imports of most of the agricultural products whose [[country of origin]] had either "adopted the decision on introduction of economic sanctions in respect of Russian legal and (or) physical entities, or joined same".<ref>{{cite news |title=Western food imports off the menu as Russia hits back over Ukraine sanctions |url=https://www.theguardian.com/world/2014/aug/07/russia-bans-western-food-imports-retaliation-ukraine-sanctions |work=[[The Guardian]] |date=7 August 2014|access-date=11 December 2016 |archive-url=https://web.archive.org/web/20170305030852/https://www.theguardian.com/world/2014/aug/07/russia-bans-western-food-imports-retaliation-ukraine-sanctions |archive-date=5 March 2017 |url-status=live}}</ref><ref>{{cite web|url=http://www.garant.ru/hotlaw/federal/558039/ |title=Указ Президента РФ от 6 августа 2014 г. N 560 "О применении отдельных специальных экономических мер в целях обеспечения безопасности Российской Федерации" |trans-title=Presidential Decree of 6 August 2014 N 560 'On the application of certain special economic measures to ensure the security of the Russian Federation' |language=ru |work=garant.ru |date=7 August 2014 |access-date=21 January 2015 |archive-url=https://web.archive.org/web/20141029114922/http://www.garant.ru/hotlaw/federal/558039/|archive-date=29 October 2014|url-status=live}}</ref> The next day, the Russian government ordinance was adopted and published with immediate effect,<ref>{{cite web|url=http://government.ru/docs/14195/|title=О мерах по реализации Указа Президента России "О применении отдельных специальных экономических мер в целях обеспечения безопасности Российской Федерации" |trans-title=On measures to implement the Decree of the President of Russia "On the application of certain special economic measures in order to ensure the security of the Russian Federation" |language=ru |work=government.ru |date=7 August 2014 |access-date=21 January 2015 |archive-url=https://web.archive.org/web/20140903212819/http://government.ru/docs/14195 |archive-date=3 September 2014 |url-status=dead}}</ref> which specified the banned items as well as the countries of provenance: the United States, the European Union, Norway, Canada and Australia, including a ban on fruit, vegetables, meat, fish, milk and dairy imports. Prior to the embargo, food exports from the EU to Russia were worth around €11.8 billion, or 10% of the total EU exports to Russia. Food exports from the United States to Russia were worth around €972 million. Food exports from Canada were worth around €385 million. Food exports from Australia, mainly meat and live cattle, were worth around €170 million per year.<ref name=BBChitswest>{{cite news|title=Russia hits West with food import ban in sanctions row |url=https://www.bbc.co.uk/news/world-europe-28687172 |publisher=BBC News |date=7 August 2014 |access-date=21 June 2018|archive-url=https://web.archive.org/web/20180307215715/http://www.bbc.co.uk/news/world-europe-28687172 |archive-date=7 March 2018 |url-status=live}}</ref><ref>{{cite news|title=Russia sanctions: Vladimir Putin retaliates, sanctions Canada|url=http://www.cbc.ca/news/politics/russia-sanctions-vladimir-putin-retaliates-sanctions-canada-1.2728885 |work=[[CBC News]] |date=7 August 2014 |first=Laura |last=Payton |access-date=7 August 2014 |archive-date=20 April 2021 |archive-url=https://web.archive.org/web/20210420021040/https://www.cbc.ca/news/politics/russia-sanctions-vladimir-putin-retaliates-sanctions-canada-1.2728885 |url-status=live}}</ref>

On August 7, 2014, Russia had previously taken a position that it would not engage in "tit-for-tat" sanctions, but, announcing the embargo, Russian prime minister [[Dmitry Medvedev]] said,<blockquote>"There is nothing good in sanctions and it was not an easy decision to take, but we had to do it." He indicated that sanctions relating to the transport manufacturing sector were also being considered. [[United States Treasury]] spokesperson David Cohen said that sanctions affecting access to food were "not something that the US and its allies would ever do".<ref>{{cite news|title=Russia threatens to go beyond food sanctions|url=http://www.ft.com/cms/s/0/7d63dcb2-1e18-11e4-ab52-00144feabdc0.html |work=[[Financial Times]] |date=7 August 2014 |access-date=7 August 2014 |archive-url=https://web.archive.org/web/20140809214829/http://www.ft.com/cms/s/0/7d63dcb2-1e18-11e4-ab52-00144feabdc0.html |archive-date=9 August 2014 |url-status=live}}</ref></blockquote>On the same day, Russia announced a ban on the use of its [[airspace]] by Ukrainian aircraft.<ref name=BBChitswest/>

=== 2015 ===
In January 2015, it became clear that Russian authorities would not allow a [[Member of the European Parliament]], Lithuanian MEP [[Gabrielius Landsbergis]], to make a visit to Moscow due to political reasons.<ref name=landsbergiseuobserver>{{cite web|url=https://euobserver.com/foreign/127350 |title=Russia suspends official EU parliament visits |last1=Rettman |first1=Andrew |date=23 January 2015 |publisher=[[Euobserver]] |access-date=27 January 2015 |archive-url=https://web.archive.org/web/20150201161651/https://euobserver.com/foreign/127350 |archive-date=1 February 2015 |url-status=dead |df=dmy-all}}</ref>

In March 2015, Latvian MEP [[Sandra Kalniete]] and Speaker of the Polish Senate [[Bogdan Borusewicz]] were both denied entry into Russia under the existing sanctions regime, and were thus unable to attend the funeral of murdered opposition politician [[Boris Nemtsov]].<ref>{{cite news|url=https://www.reuters.com/article/russia-nemtsov-foreigners-idINKBN0LZ1GP20150303 |title=Russia bars two EU politicians from Nemtsov funeral |publisher=Reuters |date=3 March 2015 |access-date=4 March 2015 |archive-url=https://web.archive.org/web/20150924213925/http://www.reuters.com/article/2015/03/03/russia-nemtsov-foreigners-idINKBN0LZ1GP20150303 |archive-date=24 September 2015 |url-status=live}}</ref>

On June 5, 2015, Russian government has "termporarily" banned Latvian and Estonian canned fish products citing "health" concerns.<ref name=":7">{{Cite web |date=June 5, 2015 |title=Russia Bans Fish From Latvia, Estonia |url=https://www.rferl.org/a/russia-bans-fish-latvia-estonia/27054528.html |access-date=2022-06-16 |website=RadioFreeEurope/RadioLiberty |language=en}}</ref> Half of the countries' exports share accounted for Russia.<ref name=":7" />

After a member of the German [[Bundestag]] was denied entry into Russia in May 2015, Russia released a blacklist to EU authorities of 89 politicians and officials from the EU who are not allowed entry into Russia under the present sanctions regime. Russia asked for the blacklist to not be made public.<ref name="may2015afp">{{cite news |url=https://news.yahoo.com/russia-issues-blacklist-bars-eu-politicians-dutch-pm-164848974.html |title=Russia releases 89-name EU travel blacklist |agency=[[Agence France-Presse]] |publisher=[[Yahoo News]] |date=29 May 2015 |access-date=30 May 2015 |archive-url=https://web.archive.org/web/20160305062622/http://news.yahoo.com/russia-issues-blacklist-bars-eu-politicians-dutch-pm-164848974.html |archive-date=5 March 2016 |url-status=live}}</ref> The list is said to include eight Swedes, as well as two MPs and two MEPs from the Netherlands.<ref>{{cite news |url=http://sverigesradio.se/sida/artikel.aspx?programid=2054&artikel=6177696 |title=Eight Swedes on Russia's blacklist |publisher=Radio Sweden |date=29 May 2015 |access-date=30 May 2015 |archive-url=https://web.archive.org/web/20150530073345/http://sverigesradio.se/sida/artikel.aspx?programid=2054&artikel=6177696 |archive-date=30 May 2015 |url-status=live}}</ref> Finland's national broadcaster ''[[Yle]]'' published a leaked German version of the list.<ref name=Yle-list>{{cite news |url=http://www.yle.fi/tvuutiset/uutiset/upics/liitetiedostot/RUS_Einreiseverbotsliste.pdf |title=Russische "Visasperrliste" vom RAM am 27.5. an EU-Delegation Moskau übergeben |language=de |trans-title=Russian visa bans |publisher=[[Yle]] |date=26 May 2015 |access-date=1 June 2015 |archive-url=https://web.archive.org/web/20150530032250/http://www.yle.fi/tvuutiset/uutiset/upics/liitetiedostot/RUS_Einreiseverbotsliste.pdf |archive-date=30 May 2015 |url-status=live }}</ref><ref name=BBC150530>{{cite news |url=https://www.bbc.com/news/world-europe-32949236 |title=European Union anger at Russian travel blacklist |work=BBC News |date=30 May 2015 |access-date=21 June 2018 |archive-url=https://web.archive.org/web/20180612165950/https://www.bbc.com/news/world-europe-32949236 |archive-date=12 June 2018 |url-status=live }}</ref>

In response to this publication, British politician [[Malcolm Rifkind]] (whose name was included on the Russian list) commented: "It shows we are making an impact because they wouldn't have reacted unless they felt very sore at what had happened. Once sanctions were extended, they've had a major impact on the Russian economy. This happened at a time when the oil price had collapsed and therefore a main source of revenue for the Russian Federation disappeared".<ref name="guardianonrusanctions">{{cite news |location=United Kingdom |url=https://www.theguardian.com/world/2015/may/31/eu-hits-out-russian-ban-politicians-nick-clegg |title=Russian entry ban on politicians shows EU sanctions are working, says Rifkind |last1=Khomami |first1=Nadia |date=31 May 2015 |work=The Guardian|access-date=1 June 2015 |archive-url=https://web.archive.org/web/20150531220032/http://www.theguardian.com/world/2015/may/31/eu-hits-out-russian-ban-politicians-nick-clegg |archive-date=31 May 2015 |url-status=live }}</ref> Another person on the list, Swedish [[Member of the European Parliament|MEP]] [[Gunnar Hökmark]], remarked that he was proud to be on the list and said "a regime that does this does it because it is afraid, and at heart it is weak".<ref name="aftonbladet">{{cite web |url=http://www.aftonbladet.se/nyheter/article20879938.ab |title=Gunnar Hökmark: En rädd regim gör så här |last1=Granlund |first1=John |last2=Eriksson |first2=Niklas |language=sv |date=29 May 2015 |publisher=[[Aftonbladet]] |access-date=1 June 2015 |archive-url=https://web.archive.org/web/20150601225806/http://www.aftonbladet.se/nyheter/article20879938.ab |archive-date=1 June 2015 |url-status=live }}</ref>

On May 15, 2015, with regard to Russia's entry ban on European politicians, a spokesperson from the [[European Commission]] said,<blockquote>"The list with 89 names has now been shared by the Russian authorities. We don't have any other information on legal basis, criteria and process of this decision. We consider this measure as totally arbitrary and unjustified, especially in the absence of any further clarification and transparency."<ref name="expressonrusanctions">{{cite news|location=United Kingdom |url=http://www.express.co.uk/news/world/581172/EU-reacts-FURY-Russia-blacklist-MP-Putin-sanctions-working |title=EU reacts with FURY over Russia's 'blacklist' as MP claims Putin sanctions ARE working |website=express.co.uk |last=Fox |first=Emily |date=31 May 2015 |access-date=1 June 2015 |archive-url=https://web.archive.org/web/20150601065056/http://www.express.co.uk/news/world/581172/EU-reacts-FURY-Russia-blacklist-MP-Putin-sanctions-working |archive-date=1 June 2015 |url-status=live}}</ref></blockquote>

=== 2016-2021 ===
On 29 June 2016, Russian president Vladimir Putin signed a decree that extended the embargo on the countries already sanctioned until 31 December 2017.<ref>[http://tass.ru/politika/3416012 Путин подписал указ о продлении контрсанкций] {{Webarchive|url=https://web.archive.org/web/20170216133839/http://tass.ru/politika/3416012 |date=16 February 2017 }} TASS, 29 June 2016.</ref>

According to a 2020 study, the Russian counter-sanctions did not just serve Russia's foreign policy goals, but also facilitated Russia's protectionist policy.<ref>{{cite journal|last1=Pospieszna |first1=Paulina |last2=Skrzypczyńska |first2=Joanna |last3=Stępień |first3=Beata |date=2020 |title=Hitting Two Birds with One Stone: How Russian Countersanctions Intertwined Political and Economic Goals |url=https://www.cambridge.org/core/journals/ps-political-science-and-politics/article/hitting-two-birds-with-one-stone-how-russian-countersanctions-intertwined-political-and-economic-goals/BA266EB8A9A755C0C941B48CBDA3B4F5 |journal=PS: Political Science & Politics |language=en |volume=53 |issue=2 |pages=243–247 |doi=10.1017/S1049096519001781 |s2cid=216194704 |issn=1049-0965 |access-date=11 March 2020 |archive-date=4 June 2020 |archive-url=https://web.archive.org/web/20200604113025/https://www.cambridge.org/core/journals/ps-political-science-and-politics/article/hitting-two-birds-with-one-stone-how-russian-countersanctions-intertwined-political-and-economic-goals/BA266EB8A9A755C0C941B48CBDA3B4F5 |url-status=live}}</ref> As a result of counter-sanctions, combined with government support of domestic agricultural production, production of grain, chicken, pork, cheese and other agricultural products has increased. Russia's food imports fell from 35% in 2013 to only 20% in 2018. The prices on these products have also risen dramatically though. In Moscow, from September 2014 to September 2018, the average price of cheese increased by 23%, milk by 35.7%, vegetable oil by 65%.<ref>{{cite journal|last1=Ermakov |first1=A.R. |last2=Romashova |first2=I.B. |last3=Dmitrieva |first3=N. Yu. |date=2019 |title=Influence of sanctions on economy of Russia (due to Crimea's unification with Russia) and struggle for their cancellation |journal=The State Councilor}}</ref>

=== 2022-2023 ===
On 3 May 2022, Russia's president [[Vladimir Putin|Putin]] signed a decree instructing the Russia government to create within 10 days, a list of sanctioned entities to whom exports of products and raw materials will be forbidden.<ref name=Reuters3MayNewDecree>{{cite web|title=Putin puts West on notice: Moscow can terminate exports and deals|last=Faulconbridge|first=Guy|work=[[Reuters]]|date=3 May 2022|access-date=3 May 2022|url=https://www.reuters.com/world/putin-signs-decree-new-retaliatory-sanctions-against-west-kremlin-2022-05-03/}}</ref> This decree was described as "the Kremlin's toughest economic response" since a 31 March [[2022 Russia–European Union gas dispute#decree 172|decree changing the payment schemes]] of natural gas contracts and Gazprom's halting of natural gas deliveries to [[Bulgaria]] and [[Poland]] on 27 April.<ref name=Reuters3MayNewDecree />

In July 2023 Russia made a decree that companies from the "[[Unfriendly Countries List]]" leaving Russia must sell their assets to Russian buyers at a 50% discount and in addition, must pay a 10% tax levy of at least 10% of the transaction price. The decree also bans including buyback options.<ref>{{cite web |title=Russia Tightens Exit Rules for Foreign Businesses – Vedomosti |url=https://www.themoscowtimes.com/2023/07/14/russia-tightens-exit-rules-for-foreign-businesses-vedomosti-a81842#google_vignette |date=14 July 2023}}</ref>

== See also ==
* [[Continental System]]
* [[Countering America's Adversaries Through Sanctions Act]] (US)
* [[Economy of Ukraine]]
* [[Specially Designated Nationals and Blocked Persons List]] (US)
* [[International Emergency Economic Powers Act]] (US)
* [[International sanctions during apartheid]]
* [[International sanctions during the Venezuelan crisis]]
* [[International Sponsors of War]]
* [[List of companies that applied sanctions during the Russo-Ukrainian War]]
* [[List of military aid to Ukraine during the Russo-Ukrainian War]]
* [[Magnitsky Act]] (US)
* [[Russian financial crisis (2014–2016)]]
* [[Trading with the Enemy Act of 1917]] (US)
* [[Yachts impacted by international sanctions following the Russian invasion of Ukraine]]

== Notes ==
{{notelist}}

== References ==
{{reflist|30em}}

== Further reading ==
* Bond, Ian, Christian Odendahl and J. Rankin. "Frozen: The politics and economics of sanctions against Russia." ''Sentre for European Reform'' (2015). [https://www.cer.org.uk/sites/default/files/publications/attachments/pdf/2015/frozen_sanctions-10787.pdf online]
* Gilligan, Emma. "Smart Sanctions against Russia: Human Rights, Magnitsky and the Ukrainian Crisis." ''Demokratizatsiya: The Journal of Post-Soviet Democratization'' 24.2 (2016): 257–277. [https://muse.jhu.edu/article/619863/summary online]
* Wang, Wan. "Impact of western sanctions on Russia in the Ukraine crisis." ''Journal of Politics & Law'' 8 (2015): 1+ [http://www.ccsenet.org/journal/index.php/jpl/article/viewFile/45567/25287 online] {{Webarchive|url=https://web.archive.org/web/20171019033905/http://www.ccsenet.org/journal/index.php/jpl/article/viewFile/45567/25287 |date=19 October 2017 }}.

== External links ==
*[https://www.consilium.europa.eu/en/policies/sanctions/restrictive-measures-against-russia-over-ukraine/ EU restrictive measures against Russia over Ukraine]. The [[European Council]]
*[https://tass.com/anti-russian-sanctions Anti-Russian sanctions]. [[TASS]] (Russian state-owned news agency)
*[https://www.state.gov/ukraine-and-russia-sanctions/ Ukraine and Russia Sanctions]. The [[United States Department of State]]
* [https://ofac.treasury.gov/sanctions-programs-and-country-information/ukraine-russia-related-sanctions Ukraine-/Russia-related Sanctions]. The [[Office of Foreign Assets Control]] of the United States

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