Restrictive measures are aimed against the financial sector of Russia and at restricting the export of high technologies.
Western countries have announced tough sanctions against Russia in connection with the military operation to protect Donbas on the territory of Ukraine.
Restrictive measures of the EU, USA, Canada, Great Britain and Japan are directed against the financial sector of Russia and at restricting the export of high technologies. The countries also blacklisted political figures, representatives of the banking sector and other Russians.
Free News has collected key details of sanctions against Russia.
Western countries have already imposed or announced their intention to adopt sanctions against the Russian Federation in response to the Russian operation. So, the leaders of the EU states approved the second package of restrictions, which the EU Council will formally adopt on February 25, after the official publication it will come into force.
Restrictions are directed against the energy, transport, financial sector of the Russian Federation and the market of banking services, dual-use products. The country’s state-owned enterprises will not be able to conduct financial transactions in the EU, the “Russian elite” will be limited in the amount of deposits in banks, and diplomats and businessmen will be deprived of “privileged” access to the community. The sanctions will also restrict Russia’s access to the semiconductor market, as well as to “unique European technologies” needed for oil refining. The restrictions will also affect the aviation industry. The leaders of the EU countries also discussed the possibility of introducing a third package of sanctions, which includes disconnecting the Russian Federation from SWIFT, but have not yet made a final decision.
Under the sanctions of Japan and Canada
Canada’s blacklist includes 382 Russian citizens, including, for example, the head of Sberbank, German Gref, businessman Yevgeny Prigozhin and his family members, the chairman of VEB.RF Igor Shuvalov and others. Ottawa separately imposed sanctions against 351 deputies who supported the recognition of the sovereignty of the DPR and LPR. The sanctions list also includes 32 legal entities, including 27 financial institutions, such as the Central Bank, Gazprom and the Ministry of Finance. In addition, Canada will cancel all export permits previously obtained by Russian companies and will stop issuing new ones.
Japan has decided to strengthen sanctions in three directions. Tokyo suspends the issuance of visas to Russians, restricts the export of goods to military organizations, and also freezes the assets of VEB, Bank Rossiya and Promsvyazbank. Japan excluded the energy sector from the package of sanctions, having coordinated this issue with the United States and other countries.
What the U.S. and the UK have introduced
The U.S. President Joe Biden announced a number of sanctions, which, in his opinion, should cause huge damage to Russia. The restrictions will affect “the country’s ability to do business in dollars, euros, pounds, yen,” the work of the Russian financial sector, access to global markets and attracting investment. In particular, the Americans targeted Otkritie Bank, Sovcombank, Rosgosstrakh, Sberbank, VTB and other companies, as well as a number of their subsidiaries. Washington has included in its sanctions package measures against a number of Russian individuals – the sons of the head of Rosneft Igor Sechin, Secretary of the Security Council of the Russian Federation Nikolai Patrushev and others.
The U.S. Treasury has expanded restrictions on the national debt of Russia – operations with debt obligations with a maturity of more than 14 days are prohibited. This measure will be applied against 11 companies important for the economy or with state participation, for example, Transneft and others. At the same time, the United States waived sanctions on the supply of agricultural goods, medicines and medical equipment.
Biden also promised to block more than half of high-tech imports to Russia and “strike a blow” to the aerospace industry, the maritime sector and the modernization of the armed forces. And the export of electronics, avionics and aircraft parts to Russia is getting tougher.
The UK government also intends to exclude Russian banks from its financial system. Public and private companies in Russia will be banned from raising funds in the UK, conducting transactions with their securities and issuing loans to them. VTB, Rosteh, United Aircraft Corporation, United Shipbuilding Corporation and Uralvagonzavod were sanctioned. In addition, the UK Civil Aviation Authority has suspended the license to fly to the United Kingdom for the Russian airline Aeroflot. The personal blacklist includes five Russians. Citizens of the Russian Federation will limit the size of deposits in British banks. London will also ban the export of high-tech equipment.
An adequate response
Western sanctions do not affect the activities of Russian companies. The Rosselkhoznadzor, Novikombank, Sovcombank, Otkritie Bank, Rostelecom and other companies have already announced their regular operation and availability of all necessary opportunities for uninterrupted operation. Sberbank reported that all its systems and offices are working normally, operations on plastic cards are available in full.
Russia will respond adequately to Western sanctions – “unilateral restrictive measures” that are “by definition illegitimate.” It is not yet known what retaliatory measures may be and how soon they will be taken. In this situation, it is important to focus on the production effect, and not on speed, said Vladimir Chizhov, Russia’s ambassador to the European Union. Moscow will also react to Tokyo’s actions, Russian Ambassador to Japan Mikhail Galuzin assured.
However, the first measures became known on Friday morning. Rosaviation reported that “as a response to the unfriendly decisions of the UK aviation authorities,” the Russian Federation prohibits the arrival and transit of all aircraft associated with Britain or registered in it.