Ukraine: What sanctions are being imposed on Russia?
IMAGE SOURCE,REUTERS
Western nations have imposed severe sanctions on Russia following its invasion of Ukraine.
The measures are designed to cripple Russia's economy and punish its government for taking military action.
What is a sanction?
A sanction is a penalty imposed by one country on another, often in order to stop it acting aggressively or breaking international law.
Sanctions are often designed to hurt a country's economy, or the finances of individual citizens such as leading politicians. They can include travel bans and arms embargoes.
They are among the toughest measures nations can use, short of going to war.
What sanctions are Western nations imposing?
Both the UK and the EU have announced plans to sanction Russian President Vladimir Putin and foreign minister Sergei Lavrov.
The UK also announced:
all major Russian banks to have their assets frozen and be excluded from the UK financial system
laws to stop major Russian companies and the state raising finance or borrowing money on UK markets
asset freezes on new individuals or entities
Russia's Aeroflot airline will be banned from the UK
export licences suspended for dual-use items which can be used for military purposes
a stop to exports of high-tech items and oil refinery equipment
a limit on deposits Russians can make to UK bank accounts
EU nations sanctions also include:
targeting 70% of the Russian banking market and key state owned firms, including defence firms
targeting the energy sector with an export ban on materials Russia uses for oil refineries
banning the sale of aircraft and equipment to Russian airlines
limiting Russia's access to high-tech, such as semiconductors and software
US President Joe Biden announced:
four major Russian banks will have their assets frozen and be cut off from US dollar transactions
sanctions on wealthy Russian individuals with close links to the Kremlin
the US and allies will cut off more than half of Russia's high-tech imports to stop it developing its military capabilities
Germany has put on hold permission for the Nord Stream 2 gas pipeline from Russia to Germany to open.
Australia has imposed sanctions on wealthy Russians and over 300 members of the Russian parliament who voted to authorise sending Russian troops into Ukraine.
Japan is sanctioning Russian financial institutions and individuals and halting exports of goods such as semiconductors.
The UK, US and Australia are also extending financial sanctions on Belarus for its role in the assault on Ukraine.
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A worker walking pass by an output filtration facility of a gas treatment unit at the starting point of the Nord Stream 2 offshore natural gas pipeline
IMAGE SOURCE,GETTY IMAGES
Image caption,
Germany has blocked the Nord Stream 2 pipeline from Russia from coming into operation
How will these sanctions affect Russia?
Banning exports of high-tech goods to Russia - such as semiconductor microchips - could affect Russia's defence and aerospace sectors and industries such as car production.
The measures taken against Russian financial institutions are intended to cause a big fall in the country's currency, the rouble, and a financial crisis.
The Russian government might have to bail out the banking system, at great expense. However, it has built up reserves of over $630bn (£464bn) to deal with economic shocks.
The UK government has also threatened further action against Russian money in London financial institutions and banks. It has promised to push through long-delayed measures requiring people to say where their cash comes from.
How much Russian money is there in the UK?
What other sanctions could Russia face?
Western nations are lining up harsher sanctions. Options could include:
Excluding Russia from Swift
Swift is a financial messaging service which allows quick international transactions and is used by 11,000 financial institutions in 200 countries.
Ukraine has called for Russia to be excluded from it immediately.
A ban would delay the payments Russia gets for exports of oil and gas.
When Swift banned Iran in 2012 - under pressure from the US - that country lost almost half of its oil export revenues and 30% of foreign trade.
However, Russia could get paid through other systems - for example, China's Cross-Border Interbank Payment System.
Explaining why the US had not used Swift as a sanctions weapon, President Biden said:
'The sanctions that we are proposing on all their banks have the equal consequence, maybe more consequence than SWIFT, number one.
'Number two, it is always an option but right now that's not the position that the rest of Europe wishes to take.'
What is Swift and why are leaders divided on sanctions?
Blocking Russian gas and oil exports
Oil and gas makes up a fifth of Russia's economy and half of its earnings from exports.
As such, refusing to buy its oil and gas would be a very tough sanction.
However, it would also be damaging to Western nations that rely on it.
Russia supplies 26% of the EU's crude oil and 38% of its gas. Even a brief cut in gas supply would raise energy prices.
A sign for Bank Rossiya ... Rossiya Bank is one of five banks sanctioned by Britain
IMAGE SOURCE,TASS VIA GETTY IMAGES
How has Russia reacted to the sanctions?
Russia's foreign ministry has threatened sanctions of its own against the West. This may include reducing or shutting off gas supplies to Europe.
British airlines have now been banned from Russian airspace or landing at Russian airports.
Hitting the Russian banking sector is likely to damage firms which do business in Russia, or have assets in its banks, and the export ban on high-tech goods will hit many Western manufacturers.
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