Sanctions against Russia
1 March 2022
Sanctions aimed at Russia have been in place since 2014, following its annexation of Crimea and ongoing role in the destabilisation of eastern Ukraine. In the build-up to the current crisis in Ukraine, Western allies warned Russia that any breach of Ukraine’s territorial integrity and sovereignty would be met with unprecedented economic measures. Following Russia’s recognition of independence of the self-proclaimed Luhansk People’s Republic and the Donetsk People’s Republic, and the deployment of Russian troops under the guise of peacekeeping operations, initial sanctions were introduced by the West. On 24 February 2022, Russian military forces crossed the border into Ukraine and are currently conducting a full-scale assault on the country. The EU, UK, US, and other allies, have responded with significant coordinated sanctions, targeting Russia’s financial sector, strategic sectors of the economy such as defence and aerospace, and individuals close to the Putin regime. This briefing summarises the sanctions in place to March 1st 2022.