International sanctions during the Russo-Ukrainian War

This article is about the sanctions since 2014. For details about the sanctions following the 2022 escalation, see International sanctions during the Russian invasion of Ukraine.

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 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.[1] The sanctions were imposed against individuals, businesses, and officials from Russia and Ukraine.[2] 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.[3]

The sanctions contributed to the value's reduction of the Russian ruble and worsened the economic impact of the 2022 Russian invasion of Ukraine.[4] They also caused economic damage to the EU economy, with total losses estimated at €100 billion (as of 2015).[5] 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.[6] Following sanctions imposed in August 2018, economic losses incurred by Russia amounted to around 0.5–1.5% in foregone GDP growth.[7]

As of June 2023, sanctions by the European Union and United States continue to be in effect.[8][9] In January 2022, the EU announced the latest extension of sanctions until 31 July 2022.[10] Following Russia's invasion of Ukraine in February 2022, the United States, the EU,[11] and other countries[12] introduced or significantly expanded sanctions to include Vladimir Putin and other government officials.[13] They also cut off selected Russian banks from SWIFT.[14] The 2022 boycott of Russia and Belarus triggered the 2022 Russian financial crisis.

  1. ^ "UK announces first wave of sanctions against Belarus". The Guardian. 1 March 2022. Archived from the original on 3 March 2022. Retrieved 3 March 2022.
  2. ^ Overland, Indra; Fjaertoft, Daniel (August 2015). "Financial Sanctions Impact Russian Oil, Equipment Export Ban's Effects Limited". Oil and Gas Journal. 113 (8): 66–72. Archived from the original on 22 February 2018. Retrieved 3 March 2022 – via ResearchGate.
  3. ^ Barlow, Karen (7 August 2014). "Russia bans food imports from Australia, US, EU". ABC News. Retrieved 18 May 2023.
  4. ^ Walker, Shaun; Nardelli, Alberto (18 January 2015). "Russia's rouble crisis poses threat to nine countries relying on remittances". The Guardian. doi:10.1787/888933417929. Archived from the original on 12 March 2022. Retrieved 3 March 2022.
  5. ^ Sharkov, Damien (19 June 2015). "Russian sanctions to 'cost Europe €100bn'". Newsweek. Archived from the original on 2 June 2017. Retrieved 1 November 2017.
  6. ^ Smith, Geoffrey. "Finance Minister: oil slump, sanctions cost Russia $140 billion a year." Archived 19 December 2020 at the Wayback Machine 24 November 2014.
  7. ^ "EU-Russia sanctions exchange has had important economic and political consequences (news article)". wiiw.ac.at. Retrieved 18 May 2023.
  8. ^ "EU Sanctions Map". www.sanctionsmap.eu. Archived from the original on 19 August 2020. Retrieved 19 February 2022.
  9. ^ "Ukraine-/Russia-related Sanctions". U.S. Department of the Treasury. n.d. Archived from the original on 23 February 2022. Retrieved 19 February 2022.
  10. ^ "Russia: EU renews economic sanctions over the situation in Ukraine for further six months". www.consilium.europa.eu. Archived from the original on 19 February 2022. Retrieved 19 February 2022.
  11. ^ Melander, Ingrid; Gabriela, Baczynska (24 February 2022). "EU targets Russian economy after 'deluded autocrat' Putin invades Ukraine". Reuters. Archived from the original on 26 February 2022. Retrieved 26 February 2022.
  12. ^ "Western Countries Agree To Add Putin, Lavrov To Sanctions List". Radiofreeeurope/Radioliberty. 25 February 2022. Archived from the original on 26 February 2022. Retrieved 26 February 2022.
  13. ^ Holland, Steve; Chalmers, John; Psaledakis, Daphne (26 February 2022). "U.S., allies target 'fortress Russia' with new sanctions, including SWIFT ban". Reuters. Archived from the original on 26 February 2022. Retrieved 26 February 2022.
  14. ^ Collins, Kaitlan; Mattingly, Phil; Liptak, Kevin; Judd, Donald (26 February 2022). "White House and EU nations announce expulsion of 'selected Russian banks' from SWIFT". CNN. Archived from the original on 26 February 2022. Retrieved 26 February 2022.