Sanctions were imposed because Russia recognized parts of Ukraine’s Donetsk and Luhansk oblasts that were not controlled by the government on February 21, 2022. Also, since the unwarranted and illegal invasion of Ukraine on February 24, 2022, the EU has imposed several additional sanctions on Russia. They are in addition to the sanctions placed on Russia since 2014 in response to the annexation of Crimea and the failure to execute the Minsk accords.

Individual sanctions, economic sanctions, and diplomatic sanctions are all examples of sanctions.

The goal of the economic sanctions is to punish Russia severely for its conduct and effectively block Russia’s ability to continue its aggression. Individual sanctions target individuals who support, finance, or carry out acts that threaten Ukraine’s territorial integrity, sovereignty, and independence, or who gain from such actions.

In reaction to Belarus’s role in the invasion of Ukraine, the EU imposed sanctions on the country.

When did the sanctions start?

Following Russia’s takeover of Crimea in late February 2014, a large number of nations, notably the United States, Canada, and the European Union, placed international sanctions on Russia and Crimea during the Russo-Ukrainian War.

Which countries still have sanctions on Russia?

Many countries, including the United States, Canada, and the European Union, have sanctions on Russia. Belarus has also been sanctioned for its military collaboration with and aid to Russia. The sanctions were placed on persons, corporations, and officials from Russia and Ukraine by the United States, among other nations and international organizations. Russia retaliated by sanctioning many nations, including Australia, Canada, Norway, Japan, the United States, and the European Union.

Will companies keep moving out of Russia?

Following Russian President Vladimir V. Putin’s order to invade Ukraine on February 24, international corporations have been compelled to reconsider their connections with Russia. Some, like as McDonald’s, PepsiCo, and Shell, had formed long-term partnerships with the country and were confronted with untangling convoluted accords.

Many Western firms have begun to unravel their investments, shut locations, and halt sales in Russia in response to investor and customer pressure. After first adopting interim measures, others have altered their intentions and chosen to leave the country entirely. Also, several companies that have started the process of leaving Russia have exposed the financial impact on their operations.