A Recap of the Sanctions Imposed on Russia So Far by the US

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The Russians invaded Ukraine on the 24th of February 2022 in hopes of deposing the Ukrainian government as well as its desire to join NATO, a western defensive alliance. The war is the biggest one seen since World War II,which has already accounted for thousands of deaths alongside the displacement of 11 million Ukrainian residents because of the ruined towns and cities.

The United States of America, along with other countries of the European Union, has opposed this movement of Russians. To showcase their disagreement, they have imposed a series of sanctions to build pressure on Russia. Isolation results in massive costs suffered at the hands of global financial and trade systems as well as edge-cutting technology.

Here’s a detailed recap of the sanctions imposed on Russia by the United States in response to Putin’s choice of war against Ukraine:

Sanctions on People

As a result of the injustice, the United States took to a larger platform to ban more than 400 Russian individuals belonging to the governing party; this included 328 members of the Russian Duma, 48 Russian defense authorities, and about a dozen Russian elites.

Joe Biden, President of the United States of America, sanctioned the President of Russia, Vladimir Vladimirovich Putin, his adviser, foreign minister Sergei Lavrov, and lawmakers who belonged to the Russian Security Council.

Belarus retained close political and economic ties with Russia despite independence in 1991. To date, it has been hosting troops invading Ukraine. As a result, the US administration issued a full blocking sanction on President Alexander Lukashenko’s wife and labeled him under ‘penalty for public corruption’.

Sanctions onCompanies

The United States issued a ban on importing products, such as oil and gas, originating from Russia. This move alone was enough to wobble the Russian economy.

The US also targeted several tech companies that were widely dependent on Western technologies but connected to the Russian defense industry. This includes Joint Stock Company Mikron, the largest semiconductor manufacturer in Russia that develops a chip needed for the Mir payment systems in the country to remain functional.

The United States was quick to sanction seven Russian entities and its 26 workers that controlled the media outlets in hopes to halt the spread of misinformation related to the invasion of Ukraine.

In the latest update on sanctions imposed on Russia by the United States so far, the US Justice Department has launched a new task force called KleptoCapture to seize all luxury assets belonging to some of Russia's wealthiest citizens through export restrictions. If the same pressure is to be retained, the Russian government will soon experience an increase in inflation, intensified capital outflows, and the erosion of its industrial base altogether.

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Sanctions on Banking

The United States forbids its citizens and companies from trading with the central bank of Russia; this move immobilized about half the foreign currency reserves of the country that were held by the US nationals or in the US. While Putin holds an estimated $630 billion in reserves, $100 billion of the reserves are withheld as American dollars. However, a license was issued simultaneously by the US that allowed certain energy transactions with the central bank of Russia to minimize the effect of the sanctions on the European energy market.

The US Treasury also sanctioned state-owned banks and Belarusian officials; for example, the ban on transactions with the Ministry of Finance and the Russian National Wealth Fund. On the other hand, Washington banned the SWIFT financial messaging service for a majority of Russian banks on the 26th of February 2022.

But the administration doesn’t stop there; the United States has requested crypto exchange to ensure no Russian individuals or companies are utilizing the virtual currency to escape the sanctions imposed on them.

Not only do these sanctions weigh heavy on the Russian financial intuitions, but they also isolate Russia from the globally established financial system. The Russian stock market is currently at the lowest it has been in four and a half years.

The author is a political journalist affiliated with World Now Online. They have a decade-long experience covering international politics, issues of political contention, and analyzing foreign policies.