Russia invaded Ukraine on February 20, 2022, the move described by the U.S president as unprovoked and uncalled for. Since then, the full-scale invasion of Ukraine has continued resulting in many causalities, death, and massive sanctions against Russia and Belarus. United Nations reports 1.5 million refugees have fled Ukraine due to the attack. Ukrainian government reports 50,000 causalities and over 350 deaths, including 14 children from the escalation.
Sanctions
As Russian troops advanced in attacking Ukraine’s capital Kyiv, President Volodymyr Zelensky pleaded for the international community for support and sanctions against Russia’s aggressor. The call was heard by the European Union, New Zealand, Japan, Taiwan, Australia, Canada, United Kingdom, and the United States that unveiled vast economic sanctions against Russia besides offering military support in terms of equipment. The following lists of sanctions were imposed:
- Restriction of some Russian banks, including Central bank from SWIFT international payment system
- Banning of Russian planes from the United States and European airspace
- Banning of Russian clubs by FIFA from international football tournaments
- Curbing of oil refining sector with new export curbs by the USA
- The USA says cutting oil supply by Russia as a sanction is not off the table.
- Google, YouTube, and Facebook banning monetization from ads in Russia
- Blocking of Russian State-Owned television network Russia Today news agency, Sputnik by EU
- Freeze of European assets of Russian President Vladimir Putin and His Foreign Minister Sergey Lavrov by E.U.
- Locking Russian Sberbank and other three banks by the U.K.
- Economic sanctions against Russian Security Council, defense minister, finance Manager, and Russian Elites by Canada
- Sanction of 24 Belarusian companies, entities, and elites for its participation as the staging ground for the invasion.
- Russia was stripped of the right to host UEFA Champions League finals at Zenit St Petersburg stadium in Paris, France.
- Freezing and seizing of assets owned by the Russian Oligarchs, including yachts, private jets, companies, and luxury houses by the United States and Europe.
- Ukrainian President Volodymyr Zelensky has called for stiffer economic sanctions on Russia and called for more ammunitions and fighting jets in his appeal to the world today.
Russian Responses to Sanctions
The economic sanctions were designed to hurt the economy of Russia with minimal impact on the economy of the U.S. and Europe. Russian rubble fell three times in history as its value in the stock market collapsed considerably. President Vladimir Putin claimed that these sanctions are equivalent to calling for war with the world.
Are sanctions working
Economic sanctions are affecting the Russian people. Instances of Russian people demonstrating on the streets of Moscow showed that people are feeling economic pain. The Russian police arrested and suppressed thousands of Russians trying to protest on the streets. The rubble value in the international market has fallen three times. However, Putin is escalating the attack and is apparently working with other allies to finance the attack.
U.S. politician Ted Cruse affirms that by importing Russian oil in America, President Joe Biden is financing the Russian attacks and calls for immediate sanction of oil importation from Russia. President Putin and the Russians are yet to feel the real pinch of economic sanctions imposed by the European Union, New Zealand, Japan, Taiwan, Australia, Canada, the United Kingdom, and the United States.