In late February Canada, the European Union, United Kingdom, United States, and Japan announced punitive actions intended to collectively inflict pain on key areas of the Russian economy, its military apparatus, and supporters of Putin. This was a joint effort to present a united western front to communicate universal displeasure regarding Russia’s invasion of Ukraine,
The U.S. government cut off Russia’s two largest banks — which combined make up more than half of the total banking system in Russia by asset value — from processing payments through the U.S. financial system (basically they can no longer transact in U.S. dollars).
It also banned thirteen of the most critical major Russian enterprises and entities from raising money in U.S. capital markets, the export of exports to Russia of items containing certain U.S.-origin software, technology, or equipment to targeted military end-users, and additional sanctions on Belarus for its support of Russia’s invasion.
The EU is also limiting Russia’s access to critical technologies such as semiconductors, cutting most of Russia’s financial institutions from its capital markets, and banning the sale of all aircraft, spare parts, and equipment to Russian airlines. It is also ending “privileged access” in terms of visas for Russian diplomats and oligarchs.
Japan suspended the issuance of entry visas designated individuals related to Russia, froze the assets of the three largest Russian banks, and imposed sanctions on exports to Russian military-related entities, on exports of controlled items, and of other dual-use goods such as semiconductors.
The UK froze Russian bank assets and banned Russian state-owned and key strategic private companies from raising finance on the UK financial markets. It also targeted more than 100 companies and oligarchs with asset freezes and travel bans, announced new restrictions on trade and export controls against Russia’s hi-tech and strategic industries, banned Russia’s national airline from UK airspace, and unveiled new restrictions to cut off wealthy Russians’ access to UK banks.
Canada is targeting financial institutions as well as individuals within the Russian government and parliament, prohibiting “persons in Canada and Canadians outside Canada from engaging in any activity related to any property of these listed persons or providing financial or related services to them.”
