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. The sanctions were imposed against individuals, businesses, and officials from Russia and Ukraine. 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.
The sanctions contributed to the reduction in value of the Russian ruble and worsened the economic impact of the 2022 Russian invasion of Ukraine. They also caused economic damage to the EU economy, with total losses estimated at €100 billion (). , 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.Smith, Geoffrey. "Finance Minister: oil slump, sanctions cost Russia $140 billion a year." 24 November 2014. Following sanctions imposed in August 2018, economic losses incurred by Russia amounted to around 0.5–1.5% in foregone GDP growth.
, sanctions by the European Union and United States continue to be in effect. In January 2022, the EU announced the latest extension of sanctions until 31 July 2022. Following Russia's invasion of Ukraine in February 2022, the United States, the EU, and other countries introduced or significantly expanded sanctions to include Vladimir Putin and other government officials. They also cut off selected Russian banks from SWIFT. The 2022 boycott of Russia and Belarus triggered the 2022 Russian financial crisis.
Background
Before the annexation of Crimea and the War in Donbas, tensions already existed between Russia and the United States over human rights issues. In December 2012, the U.S. 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 and also to grant permanent normal trade relations status to Russia. 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. 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 War in Donbas, the scope of the sanctions increased.
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. 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.
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).
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. 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.
Sanctions against Russian and Ukrainian individuals, companies and officials
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.
First round: March/April 2014 On 6 March 2014, 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 Crimean region without the authorization of the Government of Ukraine" and whose actions were found, inter alia, to "undermine democratic processes and institutions in Ukraine".Executive Order – Blocking Property of Certain Persons Contributing to the Situation in Ukraine The White House, 6 March 2014.
On 17 March 2014, the United States, the European Union, and Canada introduced specifically targeted sanctions, the day after the disputed Crimean referendum and a few hours before Russian president Vladimir Putin signed a decree recognizing Crimea as an independent state, laying the groundwork for the 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". 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".
These 17 March sanctions were the most wide-ranging sanctions used against Russia since the 1991 fall of the Soviet Union. Japan also announced sanctions against Russia, which included the suspension of talks regarding military matters, space, investment, and visa requirements. A few days later, the US government expanded the sanctions.
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. Australian sanctions were expanded on 21 May.
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. 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". 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.
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. The sanctions were expanded to include prominent Russian businessmen and women a few days later.
Second round: April 2014 On 10 April, the Council of Europe suspended the voting rights of Russia's delegation.
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.
On the same day, the EU issued travel bans against a further 15 individuals. The EU also stated the aims of EU sanctions as:
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.
Third round: 2014–2021 2014 In response to the escalating War in Donbass, on 16 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. United States also urged EU leaders to join the third wave leading EU to start drafting European sanctions a day before. On 25 July, the EU officially expanded its sanctions to an additional 15 individuals and 18 entities, EUR-Lex with an additional eight added on 30 July. EUR-Lex 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 oil industry, and a restriction on the issuance of and trade in certain bonds, equity or similar financial instruments on a maturity greater than 90 days (In September 2014 lowered to 30 days) EUR-Lex
On 24 July 2014, Canada targeted Russian arms, energy and financial entities. 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 EBRD. On 8 August 2014, Australia announced that Australia is "working towards" tougher sanctions against Russia.
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.
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.Switzerland Expands Sanctions Against Russia Over Ukraine Crisis RFERL: Switzerland Expands Sanctions Against Russia Over Ukraine Crisis 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. On 28 August 2014, Switzerland amended its sanctions to include the sanctions imposed by the EU in July.
On 14 August 2014, Ukraine passed a law introducing Ukrainian sanctions against Russia. 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 Ukraine's National Security and Defense Council.