Without direct military intervention, countries across the globe continue to work together to punish Russia with economic sanctions, aiming to stop the invasion in the Ukraine that has claimed thousands of lives in just two weeks.
As of March 11, Reuters is reporting that 12 countries and the European union have leveled sanctions against Russia over their invasion of Ukraine. The sanctions vary in what they are targeting, covering everything from the Russian economy to even the private wealth of Russian citizens.
These sanctions are not only being leveled by nations but companies as well. About 49 percent of the world’s top companies have stopped sales and or services in Russia. The U.S. Commerce Department has restricted exports of high-tech products, including computers and semiconductors to Russia with the aim of curtailing its military capabilities. Attempts thus far have been unsuccessful as Russia countries its assault despite crippling economic struggles including the complete devaluing of the Russian Ruble and a large lack of international support.
Every day, as more lives are lost, more sanctions are being imposed:
Here are examples of what’s being done:
- The United States and its allies revoked Russia’s ‘most-favored nation’ trade status. – USA Today
- The United Kingdom targeted Russian lawmakers who supported Ukraine breakaway regions – Reuters
- Canada imposed sanctions against Russian billionaire Abramovich; others “The sanctions on Russian officials and oligarchs like Abramovich are directed at them so that they cannot profit or benefit from economic activities in Canada or the hard work of Canadians working in companies that they have investments in,” Trudeau said. –Reuters
- On March 8, the Uk announced the phasing out of Russian oil imports and import products by the end of 2022
- On March 8, The U.S. bans imports of oil from Russia
- On February 28, Canada banned imports of Russian oil
- On March 9, Nestle announced a suspension of all capital investment in Russia
- On March 8, Starbucks suspended all business activity in Russia
- On March 8, McDonald’s announced it would temporally close all restaurants in Russia
- Several top car companies including Ferrari, Volkswagon and Toyota have stopped importing their cars into Russia
- Several sports leagues including Formula 1 and FIFA have banned Russia and Russian athletes
- American Express and other credit card companies have halted their services in Russia
This list is only a small sample of the sanctions being taken by the international community in response to the invasion.
