Russia-Ukraine conflict: Sanctions imposed by Western countries
on Russia and its economic loss
Western nations have imposed tough economic sanctions on Russia in response to the military coup in Ukraine. The sanctions aim to paralyze Russia’s economy and punish President Vladimir Putin for his military adventures.
What are economic sanctions?
Economic or diplomatic sanctions are imposed by one country on another to prevent the opponent from possible aggression or violation of international law. These may include air and travel bans and restrictions on the sale of arms. These extreme measures, which are imposed on a country in the form of sanctions, are aimed at forcing a country to change its attitude or policies without the use of military force.
What sanctions are Western countries imposing?
US President Joe Biden has declared that “Russia has taken the path of war.”
- The assets of Russia’s four largest banks will froze and they will restrain from trading in dollars.
- They ban the Emirs close to the Russian presidency.
- The United States and its allies will ban the import of “high-tech” or state-of-the-art equipment from Russia to prevent it from increasing its military capabilities.
What sanctions are imposed by EU member states on Russia during the Russia-Ukraine conflict ?
- Targeting 70% of Russia’s banking market and cutting off business from state-owned companies, including those related to the defense industry.
- Harassment of the energy sector and a ban on the import of equipment and materials used in oil refineries in Russia.
- Stop selling aircraft and equipment to Russian airlines.
- Restricting Russia’s access to raw materials or parts used in high-tech or state-of-the-art equipment, including ‘semiconductors’ and software.
What sanctions are imposed by The United Kingdom on Russia during the Russia-Ukraine conflict ?
- The assets of all major Russian banks will be frozen and they