Russia has come under scrutiny from many countries after Vladimir Putin launched "special military operations" in Ukraine last week. The move has invited condemnation and sanctions from several countries to cripple the country’s economy and weaken its aggression.
The European Union, US, UK, among other countries have imposed several economic and political sanctions against Russia after Putin recognised Donetsk and Luhansk - the two rebel regions in Ukraine - as independent countries.
Western nations have frozen the assets of Russia's central bank, limiting its ability to access $630 billion in international dollar reserves.
The countries have also agreed to remove selected Russian banks from the SWIFT messaging system, which enables the smooth transfer of money across borders.
Following the ban from SWIFT, Russia’s ruble collapsed to an all-time low against the US dollar and the country’s central bank had to come to its rescue.
What is a sanction?
A sanction is an economic or financial penalty imposed by a country or a group of countries on another.
Sanctions are often designed to hurt a country's economy or the finances of individual citizens such as leading politicians. Sanctions also include travel bans.
Here is the list of sanctions various countries have imposed on Russia:
US President Joe Biden imposed the first set of sanctions to targeted two banks that the US considers crucial to the Kremlin and Russian military.
These sanctions include prohibiting any new investment in the breakaway regions recognised by Russia.
Importation and/or exportation, re-exportation, sale or supply of goods, services or technology from the regions directly or indirectly is also forbidden.
Imposed sanctions on Russian financial institutions such as Otkritie, Novikom, Sovocom. They have combined assets worth $80 billion.
The US also banned 13 Russian state-owned companies from raising money in the US, including energy giant Gazprom and its two largest banks The Sberbank and VTB Bank.
The US has also sanctioned Putin, foreign affairs minister Lavrov, and a few billionaires close to the Russian President. Besides, It also banned Russian planes from entering its airspace.
European Union has issued sanctions that put Russian politicians and officials on blacklists, ban trading in Russian state bonds, and target imports and exports with separatist entities.
Banks involved in financing separatist activities in eastern Ukraine have also come in the line of fire.
EU has said 680 individuals and 53 entities are subject to sanctions for undermining Ukraine's sovereignty.
It has banned Russian planes from all EU airspace and airports. Besides, it has stopped shares of Russian companies being listed on EU stock exchanges.
EU has also banned exports of dual-use goods including computers, telecoms and semiconductors, as well as aircraft and aviation parts.
The UK has announced sanctions on five Russian banks – Bank Rossiya, Black Sea Bank, Genbank, IS Bank, and Promsvyazbank.
Britain has also imposed sanctions on three high net-worth individuals and allies of Russian premier Vladimir Putin – Gennady Timchenko and billionaires Igor and Boris Rotenberg.
Boris Johnson has said any assets they hold in the UK will be frozen and the individuals concerned will be banned from travelling here.
Britain has also threatened to cut off Russian companies’ access to US dollars and British pounds and blocking them from raising capital in London.
German Chancellor Olaf Scholz suspended the certification process for the Nord Stream 2 natural gas pipeline which directly links Russian gas to Europe via Germany.
Justin Trudeau said his government will ban Canadians from all financial dealings with Luhansk and Donetsk, also known as the Donbass region.
Canada will also bar its citizens from engaging in purchases of Russian sovereign debt and the government will also sanction those Russian parliamentarians who voted in favour of recognising Donetsk and Luhansk as independent.
Canada will apply additional sanctions on two Russian banks and prevent any financial dealings with them, Trudeau said.
Australian Prime Minister Scott Morrison said Australia will begin placing sanctions on Russian individuals it believes are responsible for Russia’s actions against Ukraine.
Morrison added that this is only the beginning and more tranches of sanctions against Russia can be expected.
Prime Minister Fumio Kishida announced his government is imposing sanctions on Russia over its actions in Ukraine. These sanctions include prohibiting issuance of Russian bonds in Japan and freezing the assets of certain Russian individuals.
Taiwan has announced it will join global sanctions against Russia.
Taiwan is a major semiconductor hub and it stops exporting semiconductors, this could choke Russian industry.
Meanwhile, India, China, and Pakistan are yet to announce their stand on sanctions.
Besides, Brazil, Mexico and South Africa have refused to sanction Russia.