12.8 C
New York
Thursday, May 26, 2022

Sanctions on Russia by the US, the EU and other countries: latest status

- Advertisement -
- Advertisement -

(Bloomberg) — The United States, Britain, the European Union and Asian countries have tightened sanctions against Russia to isolate the country after invading Ukraine. In retaliation, Moscow banned airlines from 36 countries from accessing its airspace and ordered economic countermeasures, including restrictions on transfers of foreign currency abroad.

The following is a summary of the most important sanctions:

EU

EU ambassadors discussed a fourth round of sanctions and trade restrictions against Russia on Sunday. The new package of measures will be decided on Monday, he said. The EU is considering banning the export of cars with a selling price of more than €50,000. Sanctions against Chelsea FC owner Roman Abramovich and more than a dozen other prominent Russians are also being discussed. That’s according to documents seen by Bloomberg and by people familiar with the matter. These are the main sanctions already in force and proposed:

  • Prohibition of all transactions with the Central Bank of Russia and freezing of its assets

  • Blockade of EU airspace for all Russian planes, including oligarchs’ private jets

  • Ban on Russian state media companies Russia Today and Sputnik

  • Exclusion of seven Russian banks from the Swift international payment network

    • VTB Bank PJSC, Bank Rossiya, Bank Otkritie, Novikombank, Promsvyazbank PJSC, Sovcombank PJSC and VEB.RF

  • Sanctions against Putin, Russian Foreign Minister Lavrov, and some of Russia’s wealthiest oligarchs and top officials in state-owned companies and media outlets.

  • Ban on importing products from Belarus, from mineral fuels to tobacco and wood to cement, iron and steel.

  • Sanction Belarusians who support the Russian war effort

  • Block financial flows from Russia to the EU by imposing restrictions on bank deposits and prohibiting Russians from investing in EU securities

  • At the same time as the US, introduce export controls for high-tech and dual-use goods, with a focus on electronics, computers, telecommunications and information security, sensors and lasers, and marine equipment.

  • Ban the export of aircraft, aircraft parts, and related equipment, and prohibit the sale of equipment and technology necessary for Russian oil refineries to meet modern environmental standards.

USA

The United States has barred American citizens and companies from doing business with Russia’s central bank, crippling nearly half of Russian President Vladimir Putin’s war chest. Washington has cut off access to the Swift payments network to major Russian banks.

  • The United States completely banned imports of Russian fuels, as well as the import of oil.

  • The United States has imposed sweeping sanctions on Russian politicians, billionaires, bankers and their relatives, including:

    • Dmitry Peskov, Putin’s press secretary

    • Alisher Usmanov, one of the richest people in Russia and a close ally of Putin

    • Viktor Vekselberg, connoisseur of the Kremlin

    • Nikolai Tokarev

    • Boris Rottenberg

    • Arkady Rotenberg

    • Sergey Chemezov

    • Igor Shuvalov

    • Yevgeny Prigozhin

    • Ten members of the Board of Directors of VTB Bank

    • Twelve members of the Duma

  • The US imposed sanctions on seven Russian companies that control the media and 26 people who work for those companies

  • The US Department of Justice has unveiled a new “KleptoCapture” task force tasked with enforcing sanctions, export restrictions, and confiscation of luxury goods from Russia’s wealthiest citizens.

  • The United States has asked 12 Russian diplomats at the United Nations to leave the country. The White House said they were involved in espionage activities that harmed US national security.

  • Regarding cryptocurrencies, according to the sources, the Biden administration has asked the relevant trading venues to ensure that the sanctions imposed by Washington are not circumvented by using crypto assets.

  • Mastercard Inc. and Visa Inc. have blocked certain Russian activities on their payment networks to comply with international sanctions.

  • The United States has also banned transactions with Russia’s sovereign wealth fund and the Treasury Department in Moscow.

  • However, certain energy transactions with the Central Bank of Russia are allowed by special permission. Washington wants to minimize the effects on Europe’s energy markets

  • The sanctions against the Russian direct investment fund also extend to its boss Kirill Dmitriev, a close ally of Putin

Britain

Britain will freeze the assets of all major Russian banks, according to Prime Minister Boris Johnson. This should also immediately apply to Russia’s second largest bank, VTB.

  • Russian airlines denied access to UK insurance market

  • Britain’s ports are blocking any vessels they believe to be owned, controlled, chartered or operated by people linked to Russia or sanctioned people. Ships flying the Russian flag or registered in Russia must also be blocked.

  • The UK is one of the main players pushing for several Russian banks to divest from Swift’s payment network. London calls for a complete Swift ban for Russia

  • The British government has initially sanctioned five smaller banks: Bank Rossiya, IS Bank, Genbank, Promsvyazbank and Black Sea Bank. Sberbank has been banned from settling sterling payments through the UK financial system

  • All major Russian companies will be banned from raising funds on British markets, as will the Russian state.

  • Sanctions against more than 100 individuals, companies and their subsidiaries, including Rostek, Russia’s largest defense company. People in the focus of the measures include:

    • wladimir putin

    • Foreign Minister Sergei Lavrov

    • Kirill Shamalov, Russia’s youngest billionaire and Putin’s former son-in-law

    • Pyotr Fradkov, head of Promsvyazbank (already sanctioned himself) and son of the former FSB head

    • Denis Bortnikov, Vice President of VTB

    • SGM founder Boris Rotenberg and his nephew Igor

  • Aeroflot planes are banned from landing in the UK

  • Ban on all exports of goods that could be used for military purposes, such as electrical components and truck parts.

  • It banned a variety of technology exports, including semiconductors and aircraft parts, as well as mining products and oil refining equipment.

  • Limit deposits by Russian citizens in UK bank accounts to £50,000

  • All sanctions also apply to Belarus.

  • Speeding up the passage of an economic crime bill targeting illegal Russian funds in the UK

  • In cooperation with the US and the EU, all British citizens will be banned from financial transactions with the central bank in Moscow, transactions with the Russian Federation, the Russian sovereign wealth fund and the Russian Ministry of Finance.

Turkey

According to government sources, Turkey has banned Russian warships from entering the Black Sea.

Switzerland

Switzerland joins EU sanctions against Russia, including asset freeze

  • Hundreds of Russian politicians and officials are affected, including Putin and Foreign Minister Sergey Lavrov.

  • Swiss airspace is also closed to Russian aircraft

  • Ban on the export of goods that may contribute to Russia’s military, defense and security sectors

  • Prohibited the provision of technical assistance, brokerage services or financing

  • Export of certain prohibited goods and services in the oil sector

  • Prohibited export of certain goods and technology that can be used in the aerospace industry

  • Prohibited from providing public funds or financial support for trade or investment in Russia

  • Other restrictive measures in the financial sector refer to securities, loans and acceptance of deposits

  • Prohibition of dealings with the Central Bank of Russia

Canada

Canada joined the US and EU sanctions against major Russian banks and Russian figures, including Putin and his inner circle.

  • All Canadian banks are prohibited from transacting with the Central Bank of Russia. Canadians banned from trading in new Russian government bonds

  • Canada has banned Russian airlines from using its airspace and banned imports of Russian crude oil (even though Canada hasn’t imported anything since 2019)

  • Existing export permits were canceled and new ones were suspended. The aerospace, technology and mining sectors are particularly affected

  • Canadians are also prohibited from conducting financial transactions with Ukraine’s breakaway Luhansk and Donetsk regions.

Asia

Japan, South Korea and Singapore, among others, have signaled that they will join some US and European measures aimed at dissuading Putin and the Russian government from continuing their attacks on Ukraine. Japanese Prime Minister Fumio Kishida announced on Sunday that Japan would support Swift’s moves and freeze the assets of Putin and other Russian officials. There are also export controls and a ban on issuing visas.

  • South Korea will tighten controls on export control permits and ban shipments of strategically important goods to Russia. Seoul will also participate in the Swift ban. South Korea wants to increase humanitarian aid to Ukraine

  • Singapore will impose separate sanctions on Russia. It is the first time in decades that the city-state has taken punitive action against another country without the support of the UN Security Council, according to a former diplomat. Export controls on items that could be used as weapons in Ukraine are planned, as well as a blockade of Russian banks and financial transactions with the country

  • Some Chinese buyers have halted their purchases of Russian coal amid concerns about Western sanctions linked to cash-at-payment transfers.

Title of the article in the original:

Details of US, EU and UK sanctions against Russia (1)

(Supplemented with details on EU, Great Britain, Switzerland)

More stories like this are available at bloomberg.com

©2022 Bloomberg LP

Source link

- Advertisement -

New Articles