Russia, two weeks after recognizing the independence of the so-called DPR and LPR and beginning to invade Ukraine, broke the world record for the number of sanctions imposed against it.
Currently, the number of targets subject to various sanctions has exceeded 5,530 and this number is constantly growing, Bloomberg reports with reference to the Castellum.AI database platform.
At the same time, more than half of the restrictions were established after the escalation in the Donbas and the start of aggression—2,778. The official Kremlin has already compared these measures with a "financial nuclear war."
"Hooligans of the world". Whom Russia has overtaken in the number of sanctions
Prior to this, Iran was the leader in the number of sanctions targets—3,616 restrictions. Further among the world's "hooligans" are Syria with 2,608 sanctions, North Korea (2007 sanctions), and Venezuela (651).
Moreover, the West has imposed these restrictions against Iran for decades—mainly because of the nuclear program and support for terrorism. Russia managed to surpass all sanctioned countries in only 2 weeks by continuously bombing Ukrainian cities.
On February 21, the President of Russia announced the recognition of the sovereignty of the L/DPR, on February 24 he announced a special military operation in Donbas.
These developments have become a trigger for launching tough sanctions against Moscow by the Western world.
What sanctions are imposed against Russia
Many US sanctions against Russia before the war in Ukraine were for interference in the 2016 elections and attacks on political dissidents in Russia and abroad.
The vast majority of sanctions against Russia since Feb. 22 concern individuals—2,427, Castellum.ai notes, compared to 343 against legal entities, usually companies or government agencies.
Sanctions, in particular, hit Russian banks (Oshchadbank, VTB, and Novikombank), and for a number of state-owned companies they made it difficult to raise foreign capital.
Western countries have resorted to even the biggest surprises regarding sanctions: European countries, historically more cautious, in some cases even surpassed the US in restrictions. One such example is the decision to kick some Russian banks out of the SWIFT financial messaging system.
Sanctions have virtually destroyed the $11 billion Nord Stream 2 project.
The closed sky over European countries virtually destroys air travel in the Russian Federation.
Who sanctioned Russia the most
Switzerland sanctioned the aggressor country the most.
- Switzerland has imposed 568 sanctions.
- The EU imposed 518 restrictions.
- France—512 restrictions/
- The US has imposed 243 sanctions.
Will sanctions stop the Kremlin?
The pressure on Russia is increasing day by day. Hundreds of international companies are leaving the country. Over this weekend alone, American Express Co. and Netflix Inc joined their ranks. Some leave the Russian Federation due to obligations under sanctions and others "self-sanction"— that is, decide to leave even if they are not required to do so by law.
According to Treasury Department official in the Obama and Trump administrations and Castellum.ai co-founder Peter Piatetsky, the scope of the sanctions is comparable to a financial nuclear war.
"This is the biggest sanctions event in history. In less than two weeks, Russia has gone from being part of the global economy to being the biggest target of global sanctions and a financial outcast," he stressed.
Sanctions against Russia, he said, demonstrate the extraordinary unity between the US and its allies in the face of Putin's invasion, their determination to use their economic strength to try to end an unjustified war. However, there are many deterrents related to the fact that Ukraine is not a member of NATO.
"With each new escalation of Moscow's aggression, more and more people realize that a productive relationship with the Russian Federation will be difficult while Putin is in power," Fishman noted.
According to the expert's forecast, sanctions against Russia will continue to increase because Putin still does not stop hostilities.
On CNN on Sunday, Secretary of State Antony Blinken said the US and its partners are "taking a coordinated look at the prospect of a ban on Russian oil imports, having made sure there are still relevant supplies of oil on world markets." This will be the next painful stage of sanctions against the Russian Federation.