International sanctions during the Russian invasion of Ukraine

Common card · No. 224720

Following the full declaration of the Russian invasion of Ukraine, which started on 24 February 2022, 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. Nevertheless, Russian authorities have mitigated the impact of sanctions by procuring essential goods from consumer products that are rarely subject to export restrictions, by exploiting globalized supply chains, and by turning toward trading partners who have ignored Western sanctions, such as China, India, Turkey and the UAE.

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