The key sanctions imposed as a result of Russia’s military activity in Ukraine, including asset freezes, export controls, and G7 countries' US$60 price cap for a barrel of oil.
Russia’s military activity in Ukraine is coming at a huge cost to life, finances, and diplomatic relations. The UK, US, EU and many other countries have all cut off Russia's banks from financial markets in the West, prohibiting dealings with Russian state-owned investment funds and high-value goods, and more recently imposing sanctions on Iran for allegedly providing military-grade drones to the Russian military.
With attention turning to an ever-widening circle of individuals close to Putin and Russia retaliating with its own range of countersanctions, companies will need to ensure they comply with the different sanctions whilst managing the impact on their operations. Difficult corporate decisions may have to be made, and potentially even loss of capital, to protect corporate reputation and prepare for more individuals and entities to be added to sanctions lists.
To help companies stay up-to-date and ensure they are compliant, this article outlines the crucial sanctions imposed against Russia by key jurisdictions, along with countersanctions, and an analysis of the most recent updates.
The situation in Ukraine is changing constantly, so we recommend consulting government and media outlets, and Lexology PRO’s regulatory monitoring tool, Scanner, for the most up-to-date information.
Analysis
Oil and gas prices continue to rise, with the price of Brent crude oil rising by almost 2% on 5 December 2022, sparking G7 countries to impose a US$60 cap for a barrel. Russia, which is the world's second-biggest producer of crude oil, has said it will not accept the price cap and has threatened to stop exporting oil to countries adopting the measures. The UK, EU and US have all pledged to continue to reduce their use of Russian oil and gas into 2023, but with the world’s leading suppliers of oil (referred to as the “OPEC cartel”) keeping a firm grip on output and Russia reportedly amassing a “shadow fleet” of oil tankers, prices will likely soar in the coming months.
Iran is being sanctioned by the US, EU, UK, Switzerland and other countries for allegedly providing Iranian-made “kamikaze” drones to Russia. The Russian military is using drones to inflict missile strikes on Ukraine, which the US and UN allies have said breach Western sanctions. Iran has been outwardly trying to stay neutral, having thus far refused to provide weapons to the Ukraine military, but the number of Iranian individuals and companies that have been added to nations’ sanctions lists continues to grow. The situation almost escalated further when NATO was almost forced to actively engage in the Russia-Ukraine conflict in November 2022 after a missile landed in Poland, killing two people. While NATO clarified it was likely accidental Ukrainian friendly fire on 16 November 2022, the risk of multinational military engagement feels scarily close. NATO-led countries have already pledged to boost Ukraine’s missile defence in light of the strikes.
Despite US intelligence suggesting that fighting will slow for the winter months, Russia has been maintaining its bombardment of crucial energy infrastructure in Ukraine. That, when paired with the increasing allegations of war crimes committed by Russian soldiers in Ukraine, could mean that further, stricter sanctioning will have to continue throughout Christmas and into the new year. On 6 December 2022, the Financial Times revealed that the European Commission will propose a ban on new investments in Russia’s mining sector as part of a fresh package of sanctions against Moscow aimed at further eroding the country’s economy and the Kremlin’s ability to fund its war against Ukraine in coming days.
Companies should stay abreast of updates to sanctions regimes, to protect themselves from potential enforcement. Tips for in-house counsel on how to identify relevant sanctions regimes and deal with conflicting obligations are available here.
Sanctions timeline
A list in descending order of the key sanctions imposed against Russia for its military activity in Ukraine in 2022, along with countersanctions imposed by Russia (in italics).
27 December
President Putin signs a decree banning Russian oil sales effective 1 February 2023 under contracts that comply with the US$60 price cap imposed by the G7 that largely went into effect on 5 December. However, the decree includes a loophole that Putin “may grant special permission” to sell oil in certain circumstances, even if purchasers comply with the cap.
22 December
The US State Department sanctions 10 Russian naval entities.
16 December
The EU adopts its ninth package of sanctions against Russia, which include bans on exports of drone engines, dual-use goods used for civilian and military purposes, investments in mining, transacting with the Russian Regional Development Bank, the provision of advertising, market research, and public opinion polling services. The EU also suspends broadcasting licenses of four additional Russian outlets and sanctions an additional 141 individuals and 49 entities.
Switzerland aligns with the EU’s price cap on Russian crude oil and petroleum products agreed on 3 December.
15 December
The US sanctions a number of Russian financial services companies and other Russian individuals.
14 December
New Zealand sanctions three Iranian individuals and one entity involved in the manufacture and supply of drones to Russia.
13 December
The UK imposes travel bans and sanctions on senior Russian military commanders, and Iranian businessmen and officials involved in the production and supply of drones used by Russia in its attacks on Ukraine.
12 December
New Zealand sanctions 23 individuals behind disinformation campaigns that support Russia’s military effort.
9 December
To mark Human Rights Day and International Anti-Corruption Day 2022, the UK sanctions a number of Russian individuals under a new list of sanctions on corrupt political figures, human rights violators, and perpetrators of conflict-related sexual violence around the world.
The US Treasury sanctions four individuals who were directly involved in Russia’s filtration operations, whereby Ukraine’s civilians are subjected to interrogations and searches and forced to hand over personal data, nominally in order to ascertain any connections to Ukraine’s military or government. US State Department also sanctions three Russian entities involved in a deal with Iran to acquire drones to potentially deploy in Ukraine.
8 December
Australia sanctions three Iranians and one Iranian business for supplying drones to Russia for alleged use against Ukraine.
Norway adopts the US$60 per barrel oil price cap implemented by the EU, G7 countries, and Australia on 5 December 2022.
7 December
Canada sanctions 33 individuals connected to the systematic suppression of protests and opposition to Russia’s military activity in Ukraine, and six federal Russian entities involved in the investigation, prosecution, and detention of Russian citizens who oppose or criticize Russia’s policies in Ukraine.
5 December
G7 countries implement a cap on the price of Russian oil at US$60 a barrel to “prevent Russia from profiting from its war of aggression against Ukraine.”
EU sanctions take effect, banning Member States from importing Russian crude oil by ship, with the exception of Bulgaria, which has been given longer to comply.
23 November
The European Parliament declares Russia to be a state sponsor of terrorism and members of the European Parliament have called on the EU and its Member States to put in place a legal framework and consider adding Russia to a list that would trigger significant restrictive measures and isolate Russia from diplomatic ties.
15 November
The US Treasury sanctions companies and individuals involved in the production or ongoing transfer to Russia of Iranian unmanned aerial vehicles (drones) used to attack Ukraine. US State Department concurrently sanctions other Russian and Iranian companies pursuant to E.O. 14024.
14 November
The US Treasury and US State Department sanction 14 individuals and 28 entities engaged in a transnational network procuring technology that supports the Russian military-industrial complex.
10 November
Canada sanctions 23 individuals who are members of the Russian justice and security sector involved in human rights violations in Russia against opposition leaders (including police officers and investigators, prosecutors, judges, and prison officials).
Russia bans entry of 100 Canadians (including Jim Carrey and Margaret Atwood) and 200 Americans (including White House Press Secretary Karine Jean-Pierre and relatives of President Biden).
3 November
The UK adopts legislation preventing countries from using the UK’s services to transport Russian oil, unless it is purchased at or below the Oil Price Cap set by the Price Cap Coalition of the G7 and Australia.
2 November
Switzerland freezes assets and bans travel for three Iranian individuals and one entity for providing drones used in Russian aggression, adopting the EU sanctions imposed on 20 October 2022.
Russia re-joins the UN-brokered grain deal with Ukraine that it had left on 29 October 2022.
The UK imposes travel bans, asset freezes, and transport sanctions on four Russian oligarchs who have enabled Putin to mobilise Russian industries to support his military effort.
31 October
The UK adopts the Russia (Sanctions) (EU Exit) (Amendment) (No. 15) Regulations 2022 which expand the scope of existing sanctions and introduces new restrictions against Russia, impacting financial sanctions, as well as imports and exports.
New Zealand sanctions 14 individuals and 7 entities (including military personnel, defence entities and executives, Russian-directed disinformation outlets, and a paramilitary organisation and its senior commanders).
30 October
Russia adds 11 British Overseas Territories to its unfriendly countries list (including Bermuda, British Antarctic Territory, British Indian Ocean Territory, Cayman Islands, Falkland Islands, Montserrat, Pitcairn Islands, St. Helena, Ascension and Tristan da Cunha Islands, South Georgia and the South Sandwich Islands, Akrotiri and Dhekelia, and the Turks and Caicos Islands).
29 October
Russia suspends its participation in the UN-brokered grain deal with Ukraine for an “indefinite term” indicating it cannot "guarantee the safety of civilian ships."
28 October
Norway aligns with the EU’s eighth package of sanctions announced on 6 October 2022, including sanctions on 30 individuals and 7 entities, and new import and export restrictions.
Canada modifies sanctions to cover 35 individuals who are senior executives of Russian energy entities already sanctioned and 6 entities involved in the energy sector.
20 October
EU member states have agreed on new punitive measures against Iran over its supply of suicide drones to Russia. EU states will freeze the assets of three individuals and one entity responsible for drone deliveries and, according to the President of the EU, are “also prepared to extend sanctions to four more Iranian entities that already featured in a previous sanctions list."
The UK freezes assets and imposes a travel ban on a number of Iranian individuals and businesses responsible for supplying Russia with kamikaze drones that attacked Ukraine.
With a Kremlin decree, Russian President Putin imposes martial law in the four Ukrainian regions he claims to have annexed: the LHR, DHR, Zaporizhzhia and Kherson regions.
17 October
Amid mounting pressure on Iran to remain neutral in the Ukraine-Russian conflict, reports come through that Russia is using Iranian-made “kamikaze” drones to fly explosives directly into targets in Kyiv and other Ukrainian cities. The reports add fire to calls for sanctions against Iran.
13 October
Nato-led allies agree to deliver advanced air defence weapons to Kyiv, after a spate of Russian missile strikes. The weaponry promised by the UK, Canada, France and the Netherlands includes missiles and radars. The US earlier made a similar pledge. One high-tech system from Germany is already in Ukraine.
11 October
Russian authorities confirm that Meta has been added to a list of terrorist and extremist organisations, as a result of permitting "Russophobic" content on its social media platforms. Meta appealed against the ban when it was first instated in March, but it was upheld by a Moscow court in June.
Hong Kong refuses to seize the superyacht of a Russian oligarch who is under Western sanctions.
6 October
The EU adopts its eighth package of sanctions against Russia, including a price cap on Russian oil agreed with the G7 on 2 September, additional import restrictions and export controls, and expansion of the restrictions introduced on 23 February to cover Zaporizhzhia and Kherson.
2 October
Australia imposes financial sanctions and travel bans on 28 Russian-appointed separatists, ministers, and senior officials.
30 September
After organising sham referendums in south-eastern Ukraine, Russian President Putin annexes Donetsk (DHR), Luhansk (LHR), Kherson, and Zaporizhzhia.
The UK extends its export ban to new services, including IT consultancy, architectural, and engineering services, and almost 700 goods.
The US Treasury sanctions 14 persons in Russia’s military-industrial complex (including two international suppliers, the governor of Russia’s Central Bank and two other key leaders of Russia’s financial infrastructure, immediate family members of senior Russian officials, and 278 members of Russia’s legislature).
The US Department of Commerce expands export controls by adding 57 organisations in Russia and the Crimea region of Ukraine to the Entity List. The Department also issues a warning that export controls also apply to third countries that may be seeking to replenish (“backfill”) technologies subject to export controls imposed by the US and its 37 partners that they previously sold to Russia.
29 September
Australia prohibits the import of Russian gold as of 30 September 2022.
Canada adds 43 individuals who are family members of already listed oligarchs, additional oligarchs, or financial elites to the sanctions list.
The US Justice Department unseals an indictment charging a US citizen and three Russian citizens with violating new US sanctions imposed earlier this year.
27 September
New Zealand sanctions 19 additional members of Putin’s inner circle.
26 September
Japan bans exports of chemical weapons-related goods to Russia (Japanese language only) and adds 21 Russian organisations, including science labs, as targets of its export bans.
The UK announces 92 sanctions in response to the Russian regime imposing sham referendums in 4 regions of Ukraine.
23 September
Russia launches four-day “sham” referendums across south-eastern Ukraine with the aim of legitimizing the ultimate annexation of DHR, LHR, Kherson, and Zaporizhzhia.
21 September
Russia’s Defense Minister announces the nation will draft 300,000 reservists to support its military campaign in Ukraine.
16 September
Australia issues two amendments to its sanctions imposed on Russian individuals (available here and here).
Germany places three Russian Rosneft-owned refineries located in Germany under the trusteeship of the German federal energy regulator and introduces measures to ensure refineries can also receive oil from routes other than the Druzhba pipeline from Russia.
15 September
The US Department of Commerce imposes further export controls on industrial and commercial items that can support Russian and Belarusian military aggression against Ukraine.
The US Treasury sanctions an additional 22 individuals and 2 entities, including Russians and others operating on behalf of Russia in Russian-occupied territories.
At a meeting with Chinese President Xi Jinping in Uzbekistan, Russian President Putin acknowledges that Xi had “concerns” about the situation in Ukraine, calling into question their previous “no limit” statement of the two countries’ friendship. At the 51st regular session of the UN Human Rights Council in Vienna, China opposes the “illegal unilateral sanctions” imposed on Russia by the US and others.
14 September
The EU extends travel restrictions, asset freezes, and financial sanctions already imposed on 1,206 individuals and 108 entities, for an additional six months.
9 September
The US Treasury publishes preliminary guidance on the implementation of the G7 price cap on Russian seaborne oil shipments announced on 2 September. The policy would allow otherwise banned maritime service providers e.g., insurance, brokering, and finance, if the Russian oil transaction price is below a G7-set cap.
5 September
Russia states it will not fully resume natural gas shipments to Europe until the “collective West” lifts its sanctions, claiming they are preventing repairs to the Nord Stream 1 pipeline, but the EU disputes the justification. Russia had indefinitely suspended shipments through the pipeline on 2 September after the G7 price cap announcement.
Russia bars several famous US citizens, including Ben Stiller, Sean Penn, and 23 others from travelling to Russia.
2 September
China’s state-owned payment system, UnionPay, stops accepting cards issued by Russian banks under Western sanctions over fears of penalties. Demand for UnionPay cards in Russia surged following Visa and Mastercard’s exit in the wake of the invasion of Ukraine.
31 August
EU foreign ministers agree to suspend a visa agreement with Russia, making it harder for Russian citizens to obtain entry to the bloc. Ukraine and some member states had called for a blanket ban, but others like France and Germany were opposed.
Hours later, Russia shuts Nord Stream 1, a major gas pipeline to Europe, citing that essential repairs are needed.
Switzerland adopts the latest packet of EU sanctions (German language only), effective 31 August.
30 August
The G7 Non-Proliferation Directors’ Group issues a statement on nuclear safety and security at the Zaporizhzhya Nuclear Power Plant, following Russia’s refusal to adopt the UN declaration on 27 August.
UK authorities issue new rules obliging crypto-exchanges to report suspected sanctions breaches and broadening the range of digital assets that must be frozen if sanctions are imposed on a person or company to include “cryptoassets.” Under the rules, UK crypto exchanges are committing a criminal offence if they fail to report clients designated for sanctions.
27 August
Russia blocks the adoption of a joint UN declaration aimed at preventing the spread of nuclear weapons, citing "grave concern" over military activities around Ukraine's nuclear plants, in particular Zaporizhzhia. Russia was the only objector, but the final document needs the approval of all 191 UN countries.
22 August
New Zealand amends its sanctions lists to designate 48 individuals and one entity which are supporting Russia’s occupation objectives in Ukraine.
16 August
Switzerland sanctions two Russian individuals, effective 17 August.
4 August
The EU sanctions pro-Russian former President of Ukraine, Viktor Yanukovych, and his son, Oleksandr Yanukovych.
3 August
Switzerland bans imports of Russian gold to align itself with EU sanctions imposed on 21 July and implements “the most urgent measures in terms of time and substance,” including sanctions on Sberbank, 54 individuals, and nine additional entities.
2 August
Canada sanctions an additional 43 Russian individuals and 17 entities, including military officials involved in the killing of Ukrainian citizens in Bucha and entities in the defence sector directly or indirectly supporting the Russian military.
The US Treasury sanctions Kremlin-connected elites and companies (including President Putin’s alleged girlfriend Alina Kabaeva, Magnitogorskiy Metallurgicheskiy Kombinat, and Joint Stock Company Promising Industrial and Infrastructure Technologies).
1 August
New Zealand bans exports of goods and services to the Russian Armed Forces and other defence entities.
29 July
The US Treasury and Department of Justice sanction two individuals and four entities supporting Russia’s attempts to manipulate and destabilise the US and its allies and partners, including Ukraine.
26 July
The EU renews economic sanctions over Russia’s military aggression against Ukraine for another six months, until 31 January 2023.
The UK sanctions additional individuals (including Vitaly Khotsenko and Vladislav Kuznetsov, Russian-imposed prime minister and first deputy chairman of the so-called DHR and LHR) for undermining Ukrainian territorial integrity, as well as 29 regional governors from across Russia who had been directed by the Kremlin to transfer funds to DHR and LHR.
25 July
Japan revises its 5 July ban on imports of gold from Russia, effective 1 August.
22 July
Amid an escalating global food crisis, Russia and Ukraine sign an agreement to unblock grain exports from ports on the Black Sea. (Ukraine’s first grain shipment leaves Odesa on 1 August.)
21 July
The EU implements G7 commitments by banning imports of gold from Russia, clarifying and expanding on existing export controls, and sanctioning an additional 54 individuals and 10 entities.
15 July
Russia bans 384 Japanese lawmakers from travelling to Russia.
14 July
Canada bans services exports to the Russian oil, gas, chemical, and manufacturing industries as well as eight new Russian industries.
7 July
Canada implements G7 commitments by banning imports of gold from Russia, imposing financial sanctions on 29 individuals and 15 entities involved in Russian disinformation activities, and more.
5 July
Japan implements G7 commitments by banning imports of gold from Russia, exports to 65 Russian and 25 Belarusian organisations, and provision of certain financial services to Russia. It also imposes sanctions on a number of new individuals.
4 July
New Zealand bans imports of Russian gold.
Australia cuts tariffs to zero on all imports from Ukraine, and announces it will impose financial sanctions and travel bans on 16 additional Russian ministers and oligarchs and ban imports of Russian gold.
The UK extends various sanctions against Russia to cover Belarus, including import and export bans and restricted access to UK financial services.
29 June
Switzerland implements the EU’s sixth round of sanctions, which includes an embargo on crude oil and certain refined petroleum products from Russia, financial sanctions on numerous individuals, and a ban on the provision of services such as accounting and public relations to Russia.
The UK sanctions a number of Russian individuals (including Vladimir Potanin, and Anna Tsivileva) and introduces measures to prevent Russia from accessing UK trusts services, which allow a person or business to manage the assets of another.
The international Russian Elites, Proxies, and Oligarchs (REPO) Task Force announces that it has successfully blocked or frozen over US$30 billion of sanctioned Russian assets, among other key achievements.
28 June
Australia sanctions additional Russian individuals (including Igor Putin, Yuri Shamalov, and Alina Kabaeva).
Russia bars First Lady Jill Biden and 24 other Americans from travelling to Russia.
The US Treasury implements the G7 commitment to ban imports of Russian gold, and imposes financial sanctions on an additional 70 Russian entities and 29 Russian individuals.
27 June
G7 leaders announce forthcoming sanctions including measures to reduce Russia’s revenues from selling gold, further reduce dependency on Russian energy, coordinate tariff measures on Russia’s exports, and target individuals responsible for war crimes as well as those contributing to food insecurity by stealing and exporting Ukrainian grain.
Canada implements G7 commitments by imposing sanctions on six individuals and 46 entities linked to the Russian defence sectors, 15 Ukrainian individuals supporting the Russian occupation, and 13 government and defence individuals and two entities in Belarus.
26 June
The UK announces it will ban imports of Russian gold, as part of the commitments made at the June G7 summit.
20 June
The EU renews previously imposed sanctions related to Russia’s 2014 annexation of Crimea and the city of Sevastopol for another year (until 23 June 2023).
16 June
Russia bars 121 Australians from traveling to Russia.
The UK sanctions more Russian individuals for the forced transfer and adoption of Ukrainian children (including Russian Children’s Rights Commissioner, Maria Lvova-Belova) as well as Russian organisations responsible for supplying aircraft parts to the Myanmar Armed Forces.
15 June
The US Treasury sanctions two key supporters of the far-right extremist group known as the Russian Imperial Movement (RIM).
10 June
Switzerland adopts the EU’s sixth round of sanctions against Russia and Belarus.
9 June
Ukraine sanctions President Putin and 34 other Russian individuals, in addition to 261 heads of Russian higher education institutions and suspends cultural exchanges, scientific cooperation, educational and sports contacts, and entertainment programmes with 236 Russian higher education institutions.
7 June
New Zealand sanctions Gazprom and several Russian military and industrial corporations.
Japan freezes the assets of two Russian banks, one Belarusian bank, and bans exports of more goods that strengthen Russia’s industrial base (including dump trucks, and bulldozers).
Canada prohibits exports of a range of services to Russia (including technical, management, accounting, and advertising services).
6 June
Russia issues travel bans against US Treasury Secretary Janet Yellen, US Trade Representative Katherine Tai, and dozens of other US citizens.
3 June
Russia bans travel entry of 41 Canadians, including top defence officials.
The EU adopts its sixth major package of sanctions that will eventually ban imports of Russian crude oil and petroleum products with limited exceptions (announced 30 and 31 May), bans SWIFT for three Russian banks and one Belarusian bank, suspends broadcasting in the EU for three Russian media outlets, and sanctions an additional 65 individuals and 18 entities, including banning travel and freezing assets of individuals responsible for alleged war crimes in Bucha and Mariupol.
2 June
The US Treasury, State Department, and Commerce Department freeze assets of more Russian individuals and add further sanctions, export controls and more parties to the Entity List.
30 May
The European Council agrees on its sixth major package of sanctions, which will eventually ban imports of Russian crude oil and petroleum products, with a temporary exception for some crude oil delivered by pipeline.
27 May
Canada sanctions additional Russian individuals and financial institutions.
24 May
The US Treasury starts blocking Russia from paying American bondholders, by allows an exceptions license issued on 6 April to expire.
21 May
Russia issues travel bans against President Biden and 962 other US citizens.
Russian energy company, Gazprom, cuts off natural gas exports to Finland for failing to pay in rubles.
19 May
The UK prevents Russian airlines from selling their unused landing slots at UK airports.
18 May
Canada amends its import and export restrictions on trade with Russia to prohibit the export of certain luxury goods and goods that could be used in the manufacturing of weapons to Russia, to prohibit the import of certain luxury goods from Russia, and sanctions additional Russian individuals.
17 May
Australia sanctions additional Russian individuals and entities.
16 May
New Zealand sanctions President Lukashenko of Belarus, military leaders, and other Belarusian individuals and defence sector entities that have supported the invasion of Ukraine.
13 May
The UK sanctions additional Russian individuals reportedly close to President Putin (including his ex-wife, Lyudmila Ocheretnaya, ex-olympian Alina Kabaeva, and his cousins).
11 May
Russia blocks transactions with 31 foreign energy companies (including ex-subsidiaries of Gazprom in the EU, and organisations in the US and Singapore).
10 May
New Zealand sanctions eight Russian individuals and entities involved in disinformation campaigns and cyber-attacks on Ukraine.
Japan freezes assets of eight Russian officials, bans all exports to 71 Russian organisations, and bans exports of “cutting edge goods” to Russia.
9 May
The UK introduces import tariffs on £1.4 billion worth of goods (including platinum and palladium) and export bans covering £250 million worth of goods (including chemicals, plastics, rubber, and machinery).
The US temporarily suspends its import tariffs on Ukrainian steel imposed by the Trump administration under Section 232 for one year.
8 May
G7 leaders state that forthcoming sanctions will include phasing out dependence on Russian energy; export bans on key services; additional sanctions against Russian banks, oligarchs, and individuals; and efforts to clamp down on Russia’s propaganda.
Following the G7 announcement, the US Treasury and State Departments announce a ban on exports of accounting, trust, and corporate formation, and management consulting services alongside financial sanctions and visa restrictions on Russian bank executives and other individuals, defence companies, and state-owned television stations.
6 May
Canada sanctions additional Russian individuals and companies (including the Military Industrial Company, the Zelenodolsk Shipyard JSC and Rosgvardia).
5 May
The UK sanctions Evraz, a Russian steel manufacturing and mining company.
4 May
The UK bans services exports to Russia (including management consulting, accounting and public relations) and freezes the assets of and imposes travel bans on 63 individuals and entities associated with the “Kremlin’s shadowy troll factory tactics.”
3 May
Australia issues sanctions and travel bans on 110 individuals (including Ukrainian separatists and members of Russia’s parliament).
Canada sanctions additional Russian individuals and amends language in the Special Economic Measures (Russia) Regulations to clarify export restrictions.
2 May
New Zealand imposes financial sanctions and travel bans on Russian politicians and sanctions six companies in the Russian defence industry.
29 April
Norway prohibits Russian companies from transporting goods by road and bans port access to Russian vessels.
27 April
Russian energy company, Gazprom, cuts off natural gas exports to Poland and Bulgaria over their refusal to pay in rubles.
Switzerland implements most of the remaining EU sanctions in the package announced on 8 April.
26 April
China cuts its applied MFN tariffs on coal imports to zero from 3-6% in a controversial move anticipated to disproportionately benefit Russian exports displaced from other markets.
25 April
The UK announces it will cut tariffs to zero on all imports from Ukraine. It also plans to ban exports of certain products and technology to Russia (including interception and monitoring equipment).
21 April
Australia imposes sanctions on Putin’s and Lavrov’s daughters as well as more Russian politicians.
The Russian Foreign Ministry blacklists 29 US citizens (including Vice President Kamala Harris and Meta CEO Mark Zuckerberg).
The UK bans imports of additional Russian goods (including silver, wood products, and caviar) and imposes an additional 35% import tariff on other imports from Russia and Belarus (including diamonds and rubber). The UK also imposes financial sanctions and travel bans on a number of Russian military commanders and others supporting Putin’s war.
The EU freezes assets and bans travel for two separatists involved in Russia’s annexation of Crimea and destabilisation of eastern Ukraine.
20 April
In another action following the 11 March joint announcement, Japan passes a revision to the Temporary Tariff Measures Law (Law No. 36 of 1960) withdrawing MFN tariff treatment for imports from Russia, which will raise import tariffs for certain products.
The US Treasury sanctions entities and individuals involved in attempts to evade US sanctions (including Transkapitalbank, Bitriver, and other companies in Russia’s virtual currency mining industry, and a network led by Russian oligarch Konstantin Malofeyev). The US State Department also restricts visas on hundreds of individuals.
19 April
New Zealand sanctions 18 Russian banks and financial institutions (including the Central Bank of Russia, Sberbank, and Alfa-Bank).
The UK’s Her Majesty’s Revenue and Customs revokes the Moscow Stock Exchange’s status as a recognised stock exchange, depriving future investors of access to certain UK tax benefits.
Canada sanctions more Russian individuals (including Russian Central Bank Governor Elvira Nabiullina, and Putin’s daughters).
14 April
The UK sanctions additional Russian oligarchs, and its Parliament passes the Russia (Sanctions) (EU Exit) (Amendment) (No. 8) Regulations 2022, which ban imports of Russian iron and steel and exports to Russia of quantum technologies and advanced materials.
13 April
Australia sanctions 14 additional Russian state-owned enterprises.
Switzerland adopts the EU’s fifth round of sanctions announced on 8 April, and claims its list of sanctions against Russia and Belarus “now fully mirrors that of the EU.”
The UK imposes financial sanctions on 206 individuals, including 178 separatists of the LHR and DHR, six Russian oligarchs, as well as their close associates and employees.
The European Council introduces exceptions to some EU sanctions to mitigate the humanitarian crisis caused by Russia’s invasion of Ukraine (including clearly defined categories of humanitarian organisations are exempted from the export restrictions).
12 April
Adhering to the 6 April joint announcement, Japan bans imports of certain Russian products, prohibits new foreign direct investment in Russia, and imposes financial sanctions on 398 Russian individuals (including Putin’s daughters) and 28 Russian entities (including Sberbank and Alfa-Bank).
9 April
The US Department of Commerce expands the license requirements on export controls applied to Russia and Belarus to all items on the Commerce Control List.
8 April
Adhering to the 6 April joint announcement, the EU imposes its fifth major package of sanctions. It bans imports of Russian coal starting in August 2022 and other products such as wood, cement, fertilizers, seafood, and liquor. It expands export bans to include jet fuel, quantum computers, semiconductors, and other technology products and services. It prohibits Russian vessels from accessing EU ports as well as Russian and Belarusian vehicles from using EU roads. It imposes a full transactions ban on four more Russian banks and imposes financial sanctions on Russian oligarchs, politicians, and their family members, including Putin’s daughters. It also bans Russian companies from EU public procurement projects.
The UK sanctions the daughters of Putin and Lavrov.
The US Biden administration signs into law the Ending Importation of Russian Oil Act 2022, which prohibits energy imports from Russia, and the Suspending Normal Trade Relations with Russia and Belarus Act 2022, which raises US tariffs toward each country to their rates in column 2 of the Harmonized Tariff Schedule.
The US Department of Commerce adds Iceland, Liechtenstein, Norway, and Switzerland to the list of countries excluded from the license requirements under its Russia/Belarus Sanctions rules imposed on 24 February and 2 March, including the Foreign Direct Product Rule. They join EU member states, Japan, South Korea, Canada, Australia, the UK, and New Zealand.
Canada imposes financial sanctions on an additional 33 entities in Russia’s defence sector.
7 April
Australia imposes financial sanctions and travel bans on more Russian oligarchs, in response to Russia’s actions in Bucha.
The US Treasury sanctions Alrosa, Russia’s largest diamond mining company. The US State Department sanctions United Shipbuilding Corporation, a major Russian company responsible for building Russian navy warships.
6 April
New Zealand applies a 35% tariff on all imports from Russia and extends its export ban to new products (including ICT equipment and engines).
Reports of Russian soldier war crimes in the city of Bucha in Ukraine lead to the G7 and EU agreeing plans to document and share information, and to impose more sanctions on Russia. Early the next day, their foreign ministers issue a joint statement condemning Russia’s actions.
Following the G7 and EU announcement, the UK imposes financial sanctions on Sberbank, Credit Bank of Moscow and eight oligarchs, and bans all new outward investment to Russia and imports of Russian iron and steel products. The UK also commits to end imports of Russian coal and oil by the end of 2022 and gas “as soon as possible thereafter,” and bans exports to Russia of quantum and advanced material technologies.
Following the G7 and EU announcement, the US Biden administration issues EO 14071 banning new outbound US foreign investment into Russia as well as services exports. The US Treasury also imposes financial sanctions on Sberbank, Alfa-Bank, and family members of Putin, Lavrov, and Russian Security Council members.
5 April
The US Treasury sanctions two Russian entities with a high suspicion of enabling sanctions evasion (Hydra, the world’s largest darknet market, and Garantex, a ransomware-enabling virtual currency exchange).
Canada prohibits exports of insurance services for the Russian aviation industry and sanctions additional Russian oligarchs.
4 April
Australia bans exports of certain luxury goods to Russia.
New Zealand imposes sanctions on 36 Russian oligarchs and their family members.
1 April
The US Department of Commerce expands export controls by adding 120 Russian and Belarusian firms alleged to support the two countries’ militaries.
31 March
Australia announces it will withdraw MFN tariff treatment and apply an additional tariff of 35% to all imports from Russia and Belarus starting 25 April.
The UK sanctions Russian individuals and state media “who spread lies and deceit about Putin’s illegal invasion of Ukraine.”
The US Treasury expands financial sanctions on 21 entities and 13 individuals to prevent Russia from evading earlier sanctions and acquiring foreign technology. Treasury also expands sanctions under EO 14024 to include the aerospace, marine, and electronics sectors.
Putin signs a decree forcing Russian gas payments to be made in rubles if buyers are from "unfriendly" countries, including western Europe.
30 March
The UK Parliament passes the Russia (Sanctions) (EU Exit) (Amendment) (No. 7) Regulations 2022 which prohibit maintenance on aircraft or ships belonging to sanctioned Russian oligarchs or their businesses. The legislation is immediately used to sanction two additional individuals and extends earlier finance, trade, and shipping sanctions imposed on Crimea to the DHR and LHR.
29 March
Japan adds several items to the list of luxury goods banned from export to Russia.
27 March
The UK suspends publicly funded research and innovation collaborations with Russian universities and companies of strategic benefit to the Russian state.
25 March
In line with the 11 March joint announcement, Japan imposes financial sanctions on Russian individuals and entities, bans exports to certain Russian entities, and bans exports of luxury goods to Russia.
Switzerland adopts most of the remaining 15 March EU sanctions against Russia.
24 March
Group of 7 (G7) and EU leaders meet at NATO’s headquarters and commit to fully implement certain sanctions, work with other governments to align sanctions, and prevent “evasion, circumvention and backfilling” that would undercut the effectiveness of already imposed sanctions. Leaders announce a joint initiative to respond “to evasive measures, including regarding gold transactions by the Central Bank of Russia.”
The UK’s new sanctions target Russian defence and other strategic industries, additional Russian banks, and individual businesspeople.
Following the G7 announcement, the US Treasury sanctions additional Russian defence companies, more than 300 members of the Russian Duma, and other Russian individuals. It also clarifies that existing US sanctions cover any transactions involving gold and the Central Bank of Russia.
Australia announces sanctions against Russian and Belarusian individuals.
Norway sanctions Russia by aligning with EU sanctions imposed on 15 March.
Canada imposes controls on goods and technologies exported to Russia.
23 March
Canada sanctions more than 100 Russian individuals.
The Export-Import Bank of the US, UK Export Finance, and Export Development Canada jointly withdraw any new export finance support for Russia and Belarus, while retaining support for Ukraine.
19 March
Australia bans exports of alumina to Russia, which is needed to produce aluminium.
18 March
Japan announces it will freeze assets of 15 Russian individuals and nine Russian entities (Japanese language only).
Switzerland adopts some of the 12 March EU sanctions against Russia, including financial sanctions on 197 individuals and nine entities, and an export ban on luxury goods. Switzerland also confirms it will first do its own analysis before deciding whether to withdraw MFN import tariff treatment toward Russia.
The US publicly calls out multiple commercial and private flights from third countries to Russia since 2 March that it claims were in violation of new US export controls on Russia or Belarus.
New Zealand implements its first sanctions under the Russia Sanctions Act 2022, including travel bans and asset freezes on Russian individuals, as well as sanctions on Russian banks and other entities.
Norway adopts its first package of sanctions, aligning itself with EU sanctions imposed through 9 March, but excludes sanctions on the Russian state-controlled news outlets Russia Today and Sputnik.
17 March
Australia sanctions additional Russian individuals, government entities, and banks (including Sberbank, VTB Bank and Gazprombank).
The UK suspends the exchange of tax information with Russia and Belarus.
16 March
Officials from the US, Australia, Canada, Germany, France, Italy, Japan, the UK, and the EU launch the Russian Elites, Proxies, and Oligarchs (REPO) multilateral task force.
Switzerland sanctions Belarus by adopting the 2 and 9 March EU sanctions involving export controls, import bans, financial sanctions on the Belarusian Central Bank and other Belarusian banks, removing Belarus from SWIFT.
15 March
Japan issues an ordinance implementing export bans of critical technologies and other materials, and announces it will freeze assets of 17 Russian individuals.
In line with the 11 March international announcement, the UK imposes a 35% tariff on imports of Russian vodka and other goods, and bans exports of luxury goods to Russia. Separately, the UK export credit agency announces a halt of government-backed export finance to Russia and Ukraine. The UK Parliament also passes the Economic Crime (Transparency and Enforcement) Act 2022 allowing the UK to impose sanctions on more Russian oligarchs.
Adhering to the 11 March announcement, the EU imposes its fourth major package of sanctions. It restricts imports of iron and steel from Russia and exports of luxury goods to Russia. It prohibits new investments and adds export controls targeting the Russian energy industry. It also expands export controls previously applied to the Russian defense and security sectors, prohibits transactions with certain Russian state-owned enterprises and the provision of credit-rating services, and sanctions additional Russian oligarchs.
14 March
Canada sanctions 15 Russian individuals (including Dmitry Grigorenko, Andrei Volozhinsky and Sergey Dronov).
13 March
Australia announces sanctions against more Russian individuals (including Alexei Miller, several members of the Rotenberg family, and Sergey and Alexander Chemezov).
11 March
Japan confirms it will freeze the assets of three Belarusian banks (Belagroprombank, Bank Dabrabyt, and the Development Bank of the Republic of Belarus).
Russia retaliates against Western sanctions imposed over its war with Ukraine by banning exports of telecom, medical, auto, agricultural, electrical equipment, forestry products, and more for 2022.
Russia bans exports of wheat, meslin, rye, barley, and corn to its Eurasian Economic Union partners until 31 August.
The UK freezes the assets of and bans travel for 386 members of the Russian Duma who voted for independence of Ukraine’s LNR and DNR regions.
The US, EU, UK, Canada, France, Germany, Italy, and Japan announce new actions to detrimentally impact Russia’s economy, including increasing import tariffs to eliminate World Trade Organization (WTO) membership benefits, denying Russia’s borrowing privileges at the World Bank and IMF, and other trade and financial sanctions.
Adhering to the above international announcement, the US Biden administration issues EO 14068 with new prohibitions on certain trade with and investment in Russia. The US Department of Commerce restricts exports of luxury goods to Russia and Belarus. The US Treasury targets more Russian oligarchs, business executives, and politicians, and issues guidance to protect against sanction evasion through cryptocurrencies or other virtual currencies.
10 March
Australia bans imports of Russian oil, coal, and more.
The EU extends travel restrictions, asset freezes, and other sanctions until 15 September for 862 individuals and 53 entities deemed responsible so far for the war in Ukraine.
The UK freezes assets and bans travel to the UK for the owner of the English soccer Chelsea Football Club and six other Russian individuals.
Canada bans imports of Russian petroleum, sanctions additional Russian entities (including Rapart Services, the Russian Ministry of Defence, and Foreign Intelligence Service), and sanctions five Russian individuals.
9 March
The UK promises to phase out imports of Russian oil over the rest of 2022.
The UK bans Russian aircraft from flying over or landing in the UK and stops UK exports of aviation or space-related items and technology to Russia.
The European Council imposes new financial sanctions on Belarus, including the removal of three of its banks from SWIFT. It also imposes additional controls on exports of maritime navigation goods and radio communication technology to Russia, as well as financial sanctions and travel bans on 160 additional Russian oligarchs and politicians.
8 March
Japan confirms it will freeze assets of 20 Russian and 12 Belarusian individuals, and two Russian and 10 Belarusian entities, ban exports of oil refining equipment to Russia, ban exports to two Belarusian organisations, and control exports of goods to Belarus that might strengthen its military capabilities.
Australia sanctions 10 Russian individuals for spreading false propaganda and information against Ukraine.
Putin issues a decree to ban Russian exports of certain commodities and raw materials.
The US Biden administration issues EO 14066, banning imports of Russian oil, liquefied natural gas, and coal.
7 March
Australia sanctions more Russian entities and individuals (including Nikolay Yevmenov, Vladimir Kasatonov, and Russia’s Armed Forces).
South Korea announces additional sanctions, including prohibiting transactions with the Central Bank of Russia.
The US Department of Commerce adds South Korea to its list of countries excluded from the license requirements under its Russia/Belarus Sanctions rules (imposed on 24 February and 2 March), including the Foreign Direct Product Rule. Korea joins EU member states, Japan, Canada, Australia, the UK, and New Zealand.
6 March
South Korea extends its export controls to Belarus.
Ukraine implements a system of licenses required to export key products like wheat, corn, and sunflower oil, over concerns about food shortages. It also suspends exports of rye, oats, millet, buckwheat, salt, sugar, meat, and livestock.
Canada sanctions 10 Russian individuals and prohibits Russian ships from docking in Canada.
5 March
Singapore announces new sanctions against Russia, including export controls and financial sanctions.
4 March
Russia enacts a law punishing the spread of “false information” about its “special military operation” in Ukraine, blocking access to Facebook and other news outlets. BBC, New York Times, and others suspend Russian operations in response.
Switzerland adopts the EU sanctions on Russia announced on 28 February involving export controls on dual-use items; prohibition of exports to Russia’s oil, aviation, and space industries; sanctions on the Russian Central Bank and other financial institutions; removal of Russian banks from SWIFT; and sanctions on numerous Russian individuals.
Canada sanctions 10 Russian individuals (including Zeljko Runje, Ilgam Kuchukov and Didier Casimiro).
3 March
Japan sanctions 18 Russian and seven Belarusian politicians, four Russian banks (VTB Bank, Sovcombank, Novikombank, Otkritie) and two Belarusian entities (State Authority for Military Industry of the Republic of Belarus, Minsk Wheel Tractor Plant), and new export controls on goods sent to Belarus.
To combat the spread of disinformation and prevent financial support for the Russian government, the US Treasury and State Departments announce additional financial sanctions against a number of individual Russian oligarchs and their family members as well as those tied to the Russian defense industry.
The US Department of Commerce controls exports destined for the Russian oil refining industry and other entities supporting Russian military operations. This expands the original export controls announced on 24 February.
Canada announces that goods imported from Russia and Belarus will be subjected to a 35% tariff or the existing rate if higher than 35%.
2 March
Australia announces sanctions against the Russian Central Bank and other financial institutions (including the Russian Direct Investment Fund, EXIAR and Otkritie Bank).
The EU expands its third major package of sanctions to exclude seven Russian financial institutions from the SWIFT financial messaging system by 12 March. The entities are the Bank Otkritie, Novikombank, Promsvyazbank, Bank Rossiya, Sovcombank, Vnesheconombank (VEB), and VTB Bank.
The US Department of Commerce controls US exports or exports from third countries that use US inputs destined for Belarus’s defence, aerospace, and maritime industries. This complements the new US controls on exports destined for Russia announced on 24 February.
The US Department of Transportation and Federal Aviation Administration block Russian aircraft and airlines from entering American airspace.
The Liechtenstein Bankers Association announces it will “unreservedly support the sanctions imposed against Russia by the Liechtenstein government, the EU and the international community.”
1 March
Japan announces sanctions on Putin and five other Russian individuals, three Russian banks (Promsvyazbank, VEB.RF, Central Bank of the Russian Federation), a prohibition on exports to 49 Russian entities, and export controls on general-purpose goods sent to the Russian military.
28 February
The US Treasury prohibits transactions with the Central Bank of Russia, the National Wealth Fund of the Russian Federation, and the Ministry of Finance of the Russian Federation, but issues a general license to authorise certain energy-related transactions. The US Treasury takes further action to block any transactions with Russian Direct Investment Fund, a key sovereign wealth fund and provides additional guidance on 2 March.
The EU imposes its third major package of sanctions, banning transactions with the Russian Central Bank and Russian carriers from flying in EU airspace and imposing sanctions on 26 more Russians and one entity.
Norway’s Ministry of Finance instructs the country’s sovereign wealth fund to freeze investments made in Russia and fully divest from the Russian market.
Putin imposes Russian capital controls, banning Russians from transferring hard currency abroad, including for servicing foreign loans.
Australia sanctions Putin and his Security Council, and announces that it supports the joint action announced 26 February to remove selected Russian banks from SWIFT, limit “golden passports,” restrict the Russian Central Bank’s access to its foreign reserves held abroad, and more.
South Korea commits to join other countries in excluding Russian banks from SWIFT and will impose export controls on strategic items to Russia, including microelectronics, telecommunication items, sensors, navigation equipment, avionics, marine equipment, and aircraft components.
Switzerland sanctions Russia by adopting the EU sanctions announced on 23 and 25 February.
Canada sanctions additional Russian individuals and financial institutions (including Russia’s Central Bank, National Wealth Fund, and the Ministry of Finance).
27 February
BP, a British energy company, announces it will exit its shareholding in Rosneft, the Russian oil giant. Shell, ExxonMobil, Apple, Google, Microsoft, Ford, and dozens of other Western companies make similar announcements in the following days, however, some decide not to leave the Russian market, including Hyundai and Japanese energy companies.
Iceland closes its airspace to Russian aircraft and bans visas for certain Russian individuals.
Norway announces it will sanction Russia and Belarus by aligning itself with EU sanctions.
26 February
Russia vetoes a UN Security Council resolution demanding an immediate end to its attack on Ukraine and a withdrawal of all troops. While 11 of the Council’s 15 members voted in favour of the resolution, three (China, India, and the UAE) abstained.
Under its Foreign Exchange and Foreign Trade Control Law, Japan announces sanctions that include freezing assets of Russian individuals, import and export bans to DNR and LNR, prohibition of Japan from issuing securities to the Russian government and certain Russian banks, and new controls on exports to Russia.
Australia announces sanctions against Russian and Belarusian individuals and entities (including Dmitry Pantus, Aliaksandr Shatrou and Aliaksandr Vetsianevich).
The US, EU, UK, Canada, France, Germany, and Italy announce a joint action to remove some Russian banks from the SWIFT financial messaging system, to prevent the Russian Central Bank from deploying reserves to undermine sanctions, to limit “golden passports” used by Russian oligarchs to skirt sanctions by obtaining citizenship in other countries, as well as launching of a transatlantic task force. Japan issues a similar statement on 27 February.
25 February
The EU imposes its second major package of sanctions, including financial sanctions on Putin, Minister of Foreign Affairs Sergei Lavrov, other individual Russians and Russian banks, a travel ban on certain individuals from entering the EU, restrictions on semiconductors and other dual-use goods and technology exports, and high-tech exports contributing to Russia’s defense and security industry.
The US Treasury sanctions all US property interests involving Putin, Lavrov, and 11 members of the Russian Security Council.
Japan’s Ministry of Foreign Affairs announces it will deny entry visas to Russians, freeze assets in Japan of individuals and entities in Russia, freeze Japanese assets of three Russian banks (VEB.RF, Promsvyazbank, Bank Rossiya), and impose export controls on semiconductors and other dual-use goods to Russian military-related entities.
Taiwan announces it will join international economic sanctions against Russia and will continue to coordinate closely with the US and other like-minded countries (Taiwanese semiconductor companies later confirm they will comply with export controls).
24 February
Russia invades Ukraine.
In response to Putin’s decrees, Japan’s Ministry of Foreign Affairs announces travel restrictions, trade restrictions, and limitations on transactions with designated Russian banks and Russian sovereign debt.
The US Treasury sanctions Public Joint Stock Company Sberbank of Russia, requiring all US financial institutions to close Sberbank accounts and to reject any future transactions. The Treasury freezes the assets of Russian banks VTB Bank Public Joint Stock Company (VTB Bank), Otkritie, Novikom, and Sovcom. The Treasury also sanctions 13 major Russian state-owned and private entities as well as other Russian oligarchs.
In response to Belarusian support and facilitation of Russia’s invasion of Ukraine, the US Treasury sanctions 24 Belarusian individuals and entities (including Bank Dabrabyt Joint-Stock Company, Minsk Wheeled Tractor Plant, and the State Authority for Military Industry of the Republic of Belarus), with a focus on Belarus’s defense sector and financial institutions.
Russia’s invasion prompts the US Department of Commerce to restrict Russian access to technology by controlling US exports or exports from third countries that use US inputs such as equipment, software, and blueprints (Foreign Direct Product Rule). Affected products include semiconductors, computers, telecommunications, information security equipment, lasers, and sensors.
Russia’s invasion of Ukraine leads the UK’s Foreign, Commonwealth and Development Office to impose financial sanctions on certain Russian banks, defense companies, and oligarchs, export controls restricting UK shipments to Russia’s high-tech and strategic industries, and ban Aeroflot from flying in UK airspace.
In response to Putin’s decrees and Russia’s invasion of Ukraine, Canada imposes sanctions on Russian banks, entities, and individuals and prohibits dealmaking in the DNR and LNR regions, amending its Special Economic Measures Regulations imposed against Russia beginning in 2014.
Iceland condemns Russian attacks on Ukraine and confirms it will be “taking full part in international sanctions.”
Australia announces new sanctions against a series of Russian individuals, financial institutions, and other entities, amending Autonomous Sanctions Regulations 2011.
23 February
The EU imposes its first major package of sanctions against Russia, including an import ban on goods from the non-government controlled areas of DNR and LNR, restrictions on trade and investments, an export ban for certain goods and technologies, restrained Russian access to the EU’s capital and financial markets and services, and more travel bans and asset freezes for a number of Russian individuals (including, Sergei Shoigu, Maxim Reshetnikov, and Anton Vaino).
In response to Putin’s decrees, Australia imposes financial sanctions and travel bans on eight Russian officials and restricts Australians from transacting with Russian banks (Rossiya Bank, Promsvyazbank, IS Bank, Genbank, Black Sea Bank for Development and Reconstruction, VEB).
22 February
In response to Putin’s decrees, the UK freezes assets of five Russian banks (Bank Rossiya, Black Sea Bank for Development and Reconstruction, IS Bank and Genbank), freezes assets and bans travel for three Russian oligarchs (Gennady Timchenko, and Boris and Igor Rotenberg), and sanctions Russian politicians who voted to recognise the independence of the LNR and DNR regions.
Following EO 14065, US Treasury sanctions two major Russian state-owned financial institutions (VEB, PSB) and their subsidiaries that are critical to financing the Russian defence industry, five Kremlin-connected oligarchs, and imposes additional restrictions on Russian sovereign debt.
Chancellor Olaf Scholz announces that Germany has suspended certification of Nord Stream 2, the US$11 billion new gas pipeline set to increase supply from Russia to Germany through the North Sea, bypassing Ukraine.
21 February
In response to Putin’s decrees recognising the independence and sovereignty of the Luhansk People’s Republic (LNR) and Donetsk People’s Republic (DNR) regions of Ukraine, the Council of the EU imposes travel bans and asset freezes on five new individuals, building from the 2014 sanctions against Russia for its annexation of Crimea.
In response to Putin’s decrees, the US Biden administration issues Executive Order (EO) 14065 which stops new US investment in, US exports to, or US imports from the LNR and DNR regions. This builds from a series of EOs sanctioning Russia after its annexation of Crimea and for Russia’s interference in foreign elections from 2014 (EO 13660, EO 13661, EO 13662, EO 13685) from 2018 (EO 13849) and from 2021 (EO 14024, EO 14039).