10 results found for: “Sanctions_against_Russia”.

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International sanctions during the Russo-Ukrainian War

International sanctions have been imposed against Russia and Crimea during the Russo-Ukrainian War by a large number of countries, including the United States, Canada, the European Union, and international organisations following the Russian annexation of Crimea, which began in late February 2014. Belarus has also been sanctioned for its cooperation with and assistance to Russian armed forces. The sanctions were imposed against individuals, businesses, and officials from Russia and Ukraine. Russia responded with sanctions against several countries, including a total ban on food imports from Australia, Canada, Norway, Japan, the United States, the EU and the United Kingdom. The sanctions contributed to the collapse of the Russian ruble and worsened the economic impact of the 2022 Russian invasion of Ukraine. They also caused economic damage to the EU economy, with total losses estimated at €100 billion (as of 2015). As of 2014, Russia's finance minister announced that the sanctions had cost Russia $40 billion, with another $100 billion loss in 2014 due to decrease in the price of oil the same year. Following sanctions imposed in August 2018, economic losses incurred by Russia amounted to around 0.5–1.5% in foregone GDP growth. As of June 2023, sanctions by the European Union and United States continue to be in effect. In January 2022, the EU announced the latest extension of sanctions until 31 July 2022. Following Russia's invasion of Ukraine in February 2022, the United States, the EU, and other countries introduced or significantly expanded sanctions to include Vladimir Putin and other government officials. They also cut off selected Russian banks from SWIFT. The 2022 boycott of Russia and Belarus triggered the 2022 Russian financial crisis.