After the United Nations General Assembly, and the outcome of the votes, many countries have introduced additional sanctions against Russia and its allies. While some have withheld from taking sides, simply insisting that the parties should resolve the matter through negotiations and compromise. Although both Russia and countries such as the United States have many complex relationships across the globe. Making the entire situation a difficult one, leaving economies and various supply chains balancing on an precarious scale.
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China
China has called on all parties involved to engage in dialogue and settle the dispute over the negotiating table. Although, while not necessarily endorsing Putin’s actions, China hasn’t criticized Russia and has voiced support for Putin’s security concerns. As well as this, it still believes that the military attack is not necessarily an “invasion”.
Furthermore, China’s Foreign Minister Wang Yi has pointed out that Russia is China’s “most important strategic partner”. He also states that “No matter how sinister the international situation is, both China and Russia will maintain their strategic determination”. Additionally, at a recent press conference, China’s Foreign Minister emphasized that the situation between Russia and Ukraine was a complex one that developed over some time. Adding that “Solving complex problems requires calmness and rationality”.
As it stands, China has refused to impose sanctions on Russia. However, it has also announced that China’s Red Cross will provide humanitarian aid to Ukraine. Moreover, China has offered to act as a mediator in the conflict.
India
Although India’s representative at the UN, T.S. Tirumurti said “India is deeply disturbed by the recent turn of events in Ukraine”, the country has abstained from taking a side. Rather, similar to countries like China and South Africa, India has declared its goal to be finding a diplomatic balance in the situation.
It must also be considered that India has the unique yet awkward position of being one of the few countries that has good relations with both Russia and the West. Russia is also currently India’s largest arms supplier. Plus, both countries have had decades of diplomatic cooperation.
Furthermore, India will need to concentrate much of its energy on evacuating roughly 20 000 citizens from Ukraine. For which it is currently receiving help from both sides of the dispute.
South Africa
South Africa was one of the 35 that abstained from voting as President Ramaphosa believes that the resolutions did not have enough emphasis on the need for peaceful negotiations. The South African president has stated “South Africa is firmly on the side of peace at a time when another war is something the world does not need, nor can it afford.”
The United States
Firmly against president Putin’s attack on Ukraine, the United States has chosen to strike at Russia’s economy. From the day Russia officially recognised the Ukrainian breakaway territories of Donetsk and Luhansk, the U.S. has put in place various sanctions and economic strategies.
Including:
- A limit on any trade and financial transactions with the two breakaway regions.
- Block of all assets belonging to persons operating in these two territories.
- Limiting entry to the U.S. for anyone operating in Donetsk and Luhansk.
- The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) blocked the assets of several state-owned financial institutions. Such as Vnesheconombank (VEB) and Promsvyazbank Public Joint Stock Company (PSB).
- OFAC also put restrictions on purchases issued by several major Russian financial institutions. Including Russia’s largest financial institution, Sberbank, and its largest privately owned financial institution, Alfa-Bank. As well as Russia’s leading gas, maritime shipping, mining, oil, pipelines, railroad and telecommunications companies.
- OFAC blocked Putin’s assets in the U.S. and those of several of his senior advisers.
- Creation of a “transatlantic task force” that would identify Russian elites’ foreign assets and render them unavailable.
- With effect on the 3rd of March, the U.S. Commerce Department’s Bureau of Industry and Security (BIS) imposed export controls. In order to “cut off Russia’s access to vital technological inputs”.
- The U.S is working with allies to remove Russian banks from the SWIFT interbank messaging system.
- OFAC has prohibited any transactions with the Central Bank of Russia, Russia’s Ministry of Finance, or its National Wealth Fund. This includes foreign exchange transactions, involving U.S. persons, U.S. institutions or the U.S. dollar.
- Biden announced that he was cutting off U.S. airspace to Russian airlines.
- Many sanctions have also been put on Belarus. As the U.S. targets them for joining Russia in their campaign against Ukraine.
The United Kingdom
The U.K. has also denounced Russia for its military attack and has followed suit with the rest of its western allies in imposing multiple sanctions against Russia.
“We will continue on a remorseless mission to squeeze Russia from the global economy piece by piece, day by day and week by week.”
Prime Minister Boris Johnson
Some of the U.K. actions are:
- Targeting three key players in Russia, Gennady Timchenko, Boris Rotenberg and Igor Rotenberg. Banning them from travel to the U.K and freezing their U.K. assets. As well as prohibiting them from doing any business with any U.K entities.
- Especially targeting Rossiya, IS Bank, General Bank Promsvyazbank and the Black Sea Bank. As well as, Rostec (the largest defense company in Russia), Tactile Missile Corporation (a supplier of air and sea missiles), and Uralvagonzavod (a tank manufacturer).
- Supporting Russia’s denied access to the SWIFT system.
- Forbidding Sberbank from clearing payments in the U.K.’s financial system.
- Freezing the assets of the Russian Direct Investment Fund.
- As of the 1st of March, new action is being taken against the Russian National Wealth Fund and the Russian central bank.
- Suspending export licenses. While also banning the export of items such as equipment for oil and gas extraction.
- Forbidding the Russian airline, Aeroflot, from landing in the U.K.
- Banning Russian ships from U.K. ports.
- The U.K. has also applied various sanctions to Belarus for their involvement with Russia.
The European Union
States that are members of the EU are obligated to implement EU sanctions. These include France, Germany, and Italy. However, some EU states have opted to further their impact, such as Germany which stopped the construction of the Nord Stream 2 pipeline. A pipeline that would have connected it to Russian natural gas supplies.
Below are some of the sanctions implemented by the EU. Many of which Foreign Affairs Representative Josep Borell has called the “harshest sanctions ever”.
- First, on February 23rd, the European Union announced “targeted restrictive measures” on Russia. Including restrictive measures on 27 high-profile individuals and entities which included an EU asset freeze and travel restrictions.
- The European Union also restricted trade with the two regions of Donetsk and Luhansk.
- The EU then removed selected Russian banks from the SWIFT interbank messaging system.
- Restrictions were placed on Russia’s use of European capital markets. With Rossiya Bank, Promsvyazbank and VEB specifically being targeted.
- Europe also prohibited export of materials and technologies used in oil refining. As well as supplies of parts and machines for Russian airlines.
- EU visa restrictions were imposed on certain categories of individuals, such as Russian representatives and diplomats.
- Additionally, the EU aimed sanctions at the Belorussian economy. By announcing new restrictive measures on significant sectors of its export.
Australia
Prime Minister Scott Morrison has announced that Australia will follow the United States and United Kingdom in their application of various sanctions. Including targeting Russia’s financial institutions, as well as many members of its Security Council. Included is Australia’s aid in removing Russian banks from the SWIFT system. As well as forming its own transatlantic sanctions task force. In addition, Australia has agreed to expand the sanctions to the Donetsk and Luhansk regions. While also sanctioning 13 Belarusian individuals and entities.
Canada
Canada is another country who has taken a firm stance against Russia and implemented some harsh sanctions. Banning Canadians from conducting financial dealings within either of the breakaway regions. As well as prohibiting financial dealings with two state-backed Russian banks. Canada has also backed the removal of Russian banks from the SWIFT system and blocked Russia’s central bank from accessing its foreign exchange reserves in Canada.
Additionally, Canada has canceled all existing export permits and is refusing to issue any new permits for Russian entities. While also implementing sanctions against Belarus.
Japan
Japan has taken side with western allies and imposed many sanctions. Including freezing assets related to Donetsk and Luhansk. As well as prohibiting trade with these two regions. Japan has also imposed restrictions on Russia’s central bank and other Russian financial institutions, including the freezing of many assets. While also joining the global SWIFT ban on Russian banks.
Furthermore, Japan implemented export controls on technologies such as semiconductors and prohibited sales to any entities associated with the Russian military.
New Zealand
While not imposing as many sanctions as some western allies, New Zealand has nonetheless been outspoken in its opposition to the actions taken by Russia. So far, the government of New Zealand has implemented export controls restricting the export of any goods to Russia that are intended for direct or indirect use by the Russian military. It has also put in place travel bans on many individuals involved in the Russian military action.
South Korea
South Korea is diligently following the lead of Europe and the U.S. Implementing many similar sanctions and bans. Such as blocking the export of strategic items to Russia. As well as participating in the removal of Russian banks from the SWIFT system, and banning financial transactions with seven major Russian banks, with exceptions for agriculture, coronavirus medication and energy.
Additionally, South Korea has said it would release some of its own petroleum reserves and divert some liquefied natural gas shipments to Europe. In an attempt to help alleviate global energy shortages caused by the conflict.