Washington, Europe Brief News – US administration has banned imports of Russian diamonds, seafood and vodka in the latest response to Russia’s war in Ukraine.
The US, European Union and other allies also plan to revoke Russia’s status as an equal trade partner, paving the way for further economic punishment.
The moves add to sanctions that have isolated Russia economically since the invasion.
Its currency has collapsed, while global firms rush to exit the country.
Russian President Vladimir Putin has likened Western sanctions on banks and oligarchs to a declaration of war. Moscow has also threatened to nationalise production plants or factories.
Western allies announced further economic retaliation on Friday.
Since the invasion of Ukraine, Western countries imposed unprecedented sanctions against Russia in just two weeks.
Thus, Russia has become the biggest target of global sanctions, overtaking Iran, Venezuela, Myanmar, and Cuba combined.
Spencer Vuksic, director at Castellum.AI, says that this rapid escalation sets it apart from previous global action against countries like Iran.
“The crippling economic sanctions which targeted Iran came over the course of 10 years,” he says. “The same type of sanctions adopted against Russia came just in 10 days.”
So far, almost nine-tenths of the new sanctions have been against individuals, such as politicians and oligarchs, compared to less than two-thirds before 22 February.
The sanctions also target major corporations and financial institutions. This aims to cut off Russia’s access to international markets and foreign reserves.
Noticeably absent are restrictions on Russian energy exports, which would likely have a punishing ripple effect on the global economy.
Here is an ever-growing list of sanctions that have been imposed by countries, businesses and the sporting, arts and music world to date.
