How is Russia being sanctioned? Western countries have targeted wealthy individuals, banks, businesses and state-owned enterprises:
Financial measures
- Sanctions are penalties imposed by one country on another, to stop it acting aggressively, or breaking international law.
- Russia's central bank assets have been frozen, to stop it using the $630bn (£470bn) of reserves it has in foreign currencies.
- Major Russian banks have been removed from the international financial messaging system Swift, which will delay payments to Russia for its oil and gas exports.
- The UK has excluded key Russian banks from the UK financial system, frozen the assets of all Russian banks, barred Russian firms from borrowing money, and placed limits on deposits Russians can make at UK banks.
Oil and gas measures
- The European Union (EU) says it will ban all imports of oil brought in by sea from Russia by the end of 2022.
- The US is banning all Russian oil and gas imports.
- The UK will phase out Russian oil imports by the end of 2022.
Germany has frozen plans for the opening of a major gas pipeline from Russia.
- The EU said it will halt Russian coal imports by August
- The EU is less keen to impose sanctions on Russian gas, because it relies on it for about 40% of its gas needs.
- In March, it said it would reduce gas imports by two-thirds within a year, but has not agreed further action.
Targeting individuals measures
- The US, EU, UK and other countries have sanctioned more than 1,000 Russian individuals and businesses. These include wealthy business leaders the so-called oligarchs - considered close to the Kremlin, including former Chelsea FC owner Roman Abramovich.
- Superyachts linked to sanctioned Russians are also being targeted.
- Russian government officials and family members have also been sanctioned. Assets belonging to President Putin and Foreign Minister Sergei Lavrov are being frozen in the US, EU, UK and Canada.
- The UK has also stopped the sale of "golden visas", which allowed wealthy Russians to get British residency rights.
What other sanctions have been imposed? Other measures include:
- A ban on the export of dual-use goods - items with both a civilian and military purpose, such as vehicle parts - by the UK, EU and US.
- A ban on all Russian flights from US, UK, EU and Canadian airspace.
- An import ban on Russian gold.
- A ban on the export of luxury goods to Russia.
- The UK has imposed a 35% tax on some imports, including vodka.
- Many international companies have either suspended trading in Russia, or withdrawn altogether. They include McDonalds, Coca-Cola, Starbucks, and Marks & Spencer.
Are the sanctions hurting Russia?
- A deep recession is expected and Russia's economy is expected to shrink by 10% in 2022.
Russia's economy in numbers
17.1% Annual inflation in 2022
8-9% Retail trade set to fall in 2022
83.5% Car sales fall in 2022
7.8% Official forecast of fall in Russian GDP in 2022
30% Unofficial forecast of GDP collapse by IIF in 2022
- Supermarket shelves in Moscow are still pretty full, BBC Russia editor Steve Rosenberg reports, although some imported items are no longer available.
