On February 24, 2022 Russia started a large-scale military operation against Ukraine, invading an independent country, committing (alleged) military crimes and crimes against humanity. “The office of the prosecutor of the International Criminal Court on Monday said it will seek court approval to open an investigation into alleged war crimes in Ukraine.” (Reuters, 01.03.2022), since after a close look at the documents and facts submitted by Ukraine, he was persuaded in the legitimacy of claims against Russia.

The world community, for the rare exception of a few states, among them China, India, and some Middle Eastern Islamic states, condemned Russia’s aggression in Ukraine and took measures by introducing unprecedent wide-scale economic and financial sanctions against Russian Federation in general and personally against its leaders, businessmen, and even Putin system’s public supporters from Russia’s cultural and intellectual elites.

More and more countries around the globe impose sanctions against Russia for its military aggression in Ukraine.

The US, the EU, the UK are leading the initiatives and coordinate actions aimed at restricting Russia’s international activities and financial markets influence. The initiative has later been supported and joined by Canada, Japan, Singapore, Australia, New Zealand, and others.

Latest updates on Sanctions against Russia


The European Union, US, UK, Japan and their allies have removed some of Russian banks from the SWIFT messaging system, partially cutting Russia off from the global financial system, severely harming its ability for any cross-border operations.
However, China can use this opportunity to grow and promote its own Cross-Border Interbank Payment System (CBIPS), enabling Russia to continue at least some of its international operations.

Russia’s Central bank, the Ministry of Finance, and the National Wealth Fund:
The US, UK and EU have agreed to freeze the assets belonging the Central Bank of Russia and limit its ability to access its $630 billion international dollar reserves. The UK authorities have also banned British public and companies from making transactions with the Russian Central Bank, Ministry of Finance, and Wealth Fund. On February 28th, the US confirmed that it would impose sanctions on Russia’s Central Bank, the Ministry of Finance and the National Wealth Fund.

All Russia’s major banks’ assets have been frozen and are being excluded from the UK financial system.
Similar measures have been taken by EU and affect 70% of the Russian banking market and major state-owned firms.

Sberbank (Public Joint Stock Company Sberbank of Russia) is banned from processing any payments through the US financial system.
“Within 30 days, OFAC is requiring all U.S. financial institutions to close any Sberbank correspondent or payable-through accounts and to reject any further transactions involving Sberbank or its foreign financial institutions subsidiaries.”
The same sanctions have been imposed on the VTB Bank (VTB Bank Public Joint Stock Company).
VTB Bank holds almost 20% of the banking assets of Russia.
All VTB Bank assets held in the US financial institutions have been frozen.

Other Russian Banks: Alfa-Bank, Otkritie, Novikom, and Sovcom have also been sanctioned:

Alfa-Bank and Bank Otkritie face a ban on issuing bonds, shares and/or loans in the EU for refinancing.

The US has imposed debt & equity restriction on Alfa-Bank and full blocking sanctions on the Bank Otrkritie.

The assets of Bank Rossyia and Promsvyazbank have been freezed by the UE and the UK.

Full blocking sanctions have also been imposed by the US against: Promsvyaz Bank and Sovcom Bank

New debt and equity restriction have been imposed on Russian Agricultural Bank, Credit Bank of Moscow and Gazprombank.

The UK has imposed sanctions on IS Bank, GenBank and Black Sea Bank for Development and Reconstruction.

VEB.RF – a major financial development institutions and an important source of revenue for the Russian government, has also been sanctioned by the EU, US, and UK.

Rossiya Bank – a bank with stakes in a television company (sanctions imposed by the EU and UK)

General Bank – a banks that operates in Crimea

BELORUSSIA has also fallen victim for its support of Russian invasion of Ukraine: two state-owned banks, Belinvest Bank and Bank Dabrabyt have been sanctioned, along with two Minsk-based companies associated with Belinvest Bank: Belinvest Engineering (real estate) and CJSC BelBiznesLizing (financial leasing company)

Debt and Equity restrictions have been imposed by OFAC that will “prohibit transactions and dealings by U.S. persons or within the United States in new debt of longer than 14 days maturity and new equity of Russian state-owned enterprises, entities that operate in the financial services sector of the Russian Federation economy, and other entities determined to be subject to the prohibitions in this directive.”


  • Aeroflot – Russian airline (sanctions imposed by the UK)
  • Rostec – Russia’s largest defense company (sanctions imposed by the UK and the EU)
  • Uralvagonzavod – the largest tank manufacturer in the world (sanctions imposed by the UK)
  • Tactical Missile Corporation – Russian supplier of air and seaborne missiles (sanctions imposed by the UK)
  • United Aircraft Corporation – Russian shipbuilding company, constructor of warships (sanctions imposed by the UK)
  • JSC Kalashnikov – Russian weapons developer and manufacturer (sanctions imposed by the EU)
  • Almaz-Antey – arms manufacturer (sanctions imposed by the EU)
  • Kamaz – truck manufacturer (sanctions imposed by the EU)
  • Novorossiysk Commercial Sea Port (sanctions imposed by the EU)
  • Russian Railways (sanctions imposed by the EU and the US)
  • Sevmash – nuclear submarine manufacturer (sanctions imposed by the EU)
  • SovcomFlot – hydrocarbons shipping company (sanctions imposed by the EU and the US)
  • United Shipbuilding Corporation – Russian largest shipbuilder (sanctions imposed by the EU)
  • Gazprom – the world’s natural gas company (sanctions imposed by the EU)
  • Gazprom Neft – Russian oil producer and refiner (sanctions imposed by the EU)
  • Transneft – oil pipeline company (sanctions imposed by the EU)
  • RusHydro – one of the country’s largest power companies (sanctions imposed by the EU)
  • Rostelecom – the largest communications operator in Russia (sanctions imposed by the US)
  • Alrosa – the world’s largest diamond mining company (sanctions imposed by the US)
  • Russia Today – media outlet
  • Sputnik – media outlet


Sanctions have been issued:

  • against 351 members of the Russian State Duma who supported the motion to recognize the “independence” of Donetsk and Lugansk;
  • against other individuals and entities who participated in or contributed to the “threatening of the territorial integrity, sovereignty and independence of Ukraine.”

Russian state and government’ ability to access EU, UK and US and other capital and financial markets is now limited.

A great number of the member of Russian “elites” have also been sanctioned. Cash held by Russian nationals in UK banks has been limited.

In addition, all Russian aircraft is banned from the EU, US, and UK airspace.


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Th U.K. bans  Russian ships entrance to the UK ports.


Apple has halted product sales in Russia. It has also removed the RT News and Sputnik News apps from App Stores outside of Russia.


Boeing Halts Moscow Operations


United Airlines Holdings Inc. is stopping flying over Russia. This is the last major US passenger airline that withdraws from Russian airspace.


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