All the major nations around the world and the EU are imposing new sanctions on Russia. Such severe sanctions have resulted in crippling the Russian economy.
An international consortium of world leaders is continuously imposing huge sanctions on Russia. The major objective is to control the offenses of Russia on Ukraine. NATO, EU, and G7 leaders are striking sanctions on Crimea and Belarus along with Russia. All the nations are also summoning individuals, businesses, and officials from Russia.
In retaliation, Russia has imposed a complete ban on food imports from Australia, Canada, Norway, Japan, United States, and the European Union.
The Sanctions imposed by the International alliances include:
1. The United States:
The United States is condemning such an attack by Russia. To control Vladimir Putin, the US is putting huge sanctions on Russia. US has already hit the Oil refining sector of Russia by imposing export restrictions on it. Later, US banned the export of specific refining technology, which will make things more difficult for the Russian oil refining sector to modernise.
In the striking Russian economy, White House banned Russian banks from the SWIFT International payments system. Further, US said that measures will be taken to restrict semiconductors, telecommunications, encryption security, lasers, sensors, navigations, avionics, and maritime technologies in Russia. US has also imposed restrictions on Russian Military and Defence Ministry.
The US has imposed sanctions on many Russian and Belarusian individuals too. The United States is working closely with its allies to revoke Russia from the status of “Most Favoured Nation”.
2. The European Union:
Just like the US, the 27 nations of EU have also imposed major sanctions on Russia. EU has banned the export of specific refining technologies to Russia. EU nations also want that none of the Russian aircraft must use their airspace, including the private jets of any Russian individual. Russia’s state-owned television network Russia Today
along with news agency Sputnik are also completely banned in EU. The Union has also imposed a ban on the trade of products including mineral fuels, tobacco, wood and Timber, cement, iron, and steel between Belarus and the EU nations. A major decision of EU is to freeze all the assets of President Vladimir Putin and his Foreign Minister Sergey Lavrov.
3. Canada:
The sanctions imposed by Canada include freezing all the assets and prohibiting any dealings with designated persons. These designated people may include both individuals and entities. Canada has also imposed a complete ban on Russia from using Canadian waters or airspace for passing. Canada has also completely banned imports of Russian oil.
4. Japan:
Japan has denied Russian banks from accessing the SWIFT messaging system. Further affecting the economy of Russia, Japan has imposed restriction on Russian Banks and sanctioned major Russian entities including Putin.
5. Australia:
Australia has sanctioned the 300 lawmakers of Russia and some key entities of Belarus for they voted in favor of attacking Ukraine.
6. New Zealand:
Like Canada, New Zealand has decided to freeze the Russian assets in New Zealand and also prevent companies and people from moving their money and assets to New Zealand in order to escape the sanctions imposed by other nations.
7. Taiwan:
TSMC of Taiwan is the world’s largest chip maker and a major Apple products supplier. It ensures that Russia will have to face severe sanctions and it would comply with export restrictions. “We very harshly condemn such an act of invasion and will join democratic countries to jointly impose sanctions,” said Premier Su Tseng-chang.
8. MNCs imposing sanctions on Russia:
With increasing pressure from stakeholders, nearly 300 firms have imposed major sanctions on Russia. Huge firms like McDonald’s, Coca Cola, Starbucks, Amazon, Apple, Volkswagen, Toyota Motors, etc. have withdrawn from Russia.
Firms state that their shareholders don’t want to continue generating profits from Russia.
