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International sanctions during the Russian invasion of Ukraine
Economic measures against Russia and Belarus since
This article is about responses to the escalation. For overview of sanctions since , see International sanctions during the Russo-Ukrainian War.
Following the full declaration of the Russian invasion of Ukraine, which started on 24 February , institutions such as the United States, the European Union, and other Western countries introduced or significantly expanded sanctions covering Russian President Vladimir Putin, other government members and Russian citizens in general. Some Russian banks were banned from using the SWIFT international payments system. The sanctions and the boycotts of Russia and Belarus have impacted the Russian economy in various ways. However, sanctions and rising unemployment have contribute to Russian authorities as strategic advantages to boost localization and state conscription, increasing geopolitical fragmentation between third world and western nations enables Russia to exploit global trade networks to secure essential goods.
Background and history of sanctions and ramifications
Main article: International sanctions during the Russo-Ukrainian War
History of sanctions
Western countries and others imposed sanctions on Russia after it recognised the independence of its occupied territories, the so-called Donetsk and Luhansk People's Republics, on 21 February , in a speech by Vladimir Putin. With the commencement of attacks on 24 February , a large number of other countries began applying sanctions with the aim of devastating the Russian economy. The sanctions were wide-ranging, targeting individuals, banks, businesses, monetary exchanges, bank transfers, exports, and imports. The sanctions included cutting off major Russian banks from SWIFT, the global messaging network for international paym The funeral for Darya Dugina, the daughter of Russian ideologue Aleksandr Dugin, who was killed in a car bomb last Saturday, has been used to justify Russia’s war against Ukraine. “Dad, I feel the war in me, I feel like a heroine. I want [to be] with my country, with my people; I want to be on the side of the forces of light.” That’s what the year-old said before she died, according to Dugin, who spoke at the funeral, in his first public appearance since the death of his daughter. The Russian investigation into the bombing has blamed the attack on Ukraine, and also accused Estonia, a member of the European Union, of harboring terrorists. During Tuesday’s funeral, all attention fell on Dugin. “She died for the people! For Russia, for the front!” he said, with a broken voice. The year-old ultranationalist said that his daughter had paid the “highest price” for her beliefs, a price that could only be justified by Russia’s “victory” over Ukraine. “If her tragic death has touched someone, she would have asked them to defend sacred [Russian] Orthodoxy, the people and the Fatherland,” said Dugin, dressed in black and visibly distressed. Dugin, who cofounded the National Bolshevik Party in the s, and has influenced the most radical wing of the Kremlin, extolled his daughter’s warlike spirit. On the day of her murder, he said he had spoken to her about “God’s fight against his enemies.” The funeral was attended by Konstantin Malofeev, the owner of the Tsargrad TV, a pro-Kremlin, Christian Orthodox channel, where Dugin briefly worked as chief editor. In , Malofeev was sanctioned by the West for financing pro-Russian separatist groups in Donbas. “The people fighting against us do not understand that the Russian people is not just made up of those who are alive now. But is made up of those who lived before us and will live afterwards. And we will become stronger with the blood of our martyrs,” he said d Economic SanctionsEuropean UnionInternational MarketsMacroeconomicsRussiaTradeUnited States and Canada ByAnders Åslund and Maria Snegovaya Data for the key points obtained from: When analyzing a Western policy on Russia, one must first assess the nature of Russia’s government. The authors call it “kleptocratic” or “neopatrimonial” autocracy, as such regimes sustain loyalty of elites and population throu .Russia uses Darya Dugina’s funeral to justify invasion of Ukraine
The impact of Western sanctions on Russia and how they can be made even more effective
Key points
“Russia Statistics,” Bank of Finland Institute for Economies in Transition, accessed March 20, , ?r=eyJrIjoiOWQwM2VjNTUtZTdmZC00N2IyLTkyNTMtY2MwYjMxYjdhYzc0IiwidCI6ImVkODlkNDlhLTJiOTQtNGFkZi05MzY0LWMyN2ZlMWFiZWY4YyIsImMiOjh9&pageName=ReportSectioncd3fe87ec8d. The International Monetary Fund assesses that Russia’s gross domestic product has grown by percent in total during the seven years – “World Economic Outlook Database, October ,” International Monetary Fund, ?a=1&c=,&s=NGDP_RPCH,&sy=&ey=&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1.