What type of sanctions are made on Russia by the west?
Less than 24 hours after Russia ordered the deployment of military forces into eastern Ukraine, the West has made it clear that Moscow’s aggression will not be tolerated. However, the most severe sanctions may be kept in reserve as a deterrent to further escalation.
On Tuesday, Germany halted certification of the Nord Stream 2 pipeline, the most forceful action taken to impose economic and financial sanctions on Russia since President Vladimir Putin recognised two parts of eastern Ukraine as independent and ordered his troops into the breakaway territories.
The US, the EU, and other Western allies have also announced limited sanctions. Because Western countries are unlikely to send their own troops to Ukraine, sanctions are the best tool for punishing Moscow — and deterring further aggression.
Following Russian President Vladimir Putin’s recognition of two breakaway regions in eastern Ukraine on Monday, Western capitals imposed an initial round of sanctions.
The European Union will table a package of sanctions against Russia on Tuesday. But it has already played one of its major cards against Russia. Germany’s decision to halt certification of the Nord Stream 2 pipeline shows that Europe is willing to target Russia’s energy industry, even if it means higher gas prices.
President Joe Biden says the United States is prepared to add sanctions if Russia moves further into Ukraine’s territory. The US could target more of Russia’s biggest banks with sanctions, essentially cutting them off from the global financial system. Export control measures are another powerful weapon in the US arsenal.
The United Kingdom announces sanctions against five Russian banks and three wealthy Russians. Britain will freeze the assets of Gennady Timchenko, Boris Rotenberg and Igor Rotenberg. Britain is also set to sanction Russian lawmakers who voted in favor of recognizing the independence of Crimea and Republika. The UK government could move to strip targeted Russians of their visas. A parliamentary report described London as a “laundromat” for dirty cash. Australia, Canada and Japan have also imposed sanctions on the Russian oligarchs involved in the Ukraine crisis.
