Where are the sanctions targeting the Russian economy?

Oil embargo, new investments prohibited, asset freezes: the point on the sanctions taken by Western countries against Russia since the start of the war in Ukraine.

Where are the sanctions targeting the Russian economy?

Oil embargo, new investments prohibited, asset freezes: the point on the sanctions taken by Western countries against Russia since the start of the war in Ukraine.

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Much criticized for not having dried up its imports of Russian oil since the Russian invasion, the European Union reached an agreement on Monday to eliminate most of its purchases by the end of the year, while exempting Hungary.

About 90% of Russian oil exports to the EU will be stopped, European Commission President Ursula von der Leyen and French President Emmanuel Macron have said.

The 27 had already planned to reduce their imports of Russian gas by two thirds in the same period of time, and they prohibit the Europeans from making new investments in this sector. Russian coal purchases will cease in August.

Another symbolic decision: the suspension of the Nord Stream 2 gas pipeline, which was to increase deliveries of Russian gas to Germany.

The UK has pledged to halt imports of Russian coal by the end of the year as it has promised to do for Russian crude and petroleum products, while the US has imposed an embargo on Russian oil and gas imports.

The EU has closed its ports to Russian ships, and Russian and Belarusian road hauliers have been banned from operating in the Union.

The airspace of EU members as well as the United States, Canada, Switzerland, Norway and Iceland is also closed to Russian aircraft and many airlines have suspended flights to Russia. .

The aeronautical industry is more broadly concerned: ban on the export of aircraft, spare parts or equipment, cessation of maintenance of aircraft registered in Russia by Airbus and Boeing, prohibited access to insurance and reinsurance services at London.

The British also prohibited in May the main Russian companies, including Aeroflot, from reselling their airport slots left vacant.

The European sanctions provide for bans on the export of products such as cars or luxury watches, but above all semi-conductors, chemical substances or specialized catalysts in order to "erode the technological base and the industrial capacities of Russia".

The list of Russian products banned from importing into the EU has also been extended to steel products, cement, rubber products, wood. Iconic Russian premium vodkas and seafood have been banned from Europe, as they have been from the United States.

The two blocs have also revoked the trade status of Russia and Belarus by depriving them of their “most favored nation” clause, enough to impose punitive customs tariffs on their exports.

After banning Russia from repaying its debt with dollars held in US banks, the US Treasury in May outlawed Moscow's ability to pay its debts in dollars, making a default likely.

Washington also imposed on the most powerful Russian bank in the country, Sberbank, a freeze on all its assets “in contact with the American financial system”.

On Monday, the EU announced the exclusion of this Russian giant from the Swift system, a secure messaging platform allowing crucial operations such as fund transfer orders, after suspending the main Russian banks from this system.

United States and EU, followed by other countries, banned all transactions with the Russian central bank and immobilized its foreign currency assets.

Hundreds of Russian personalities have been sanctioned, including two daughters of President Vladimir Putin, targeted in turn by Washington and Brussels.

The EU on Monday extended its blacklist to around 60 personalities, including the head of the Russian Orthodox Church, Patriarch Kirill, now sanctioned by a ban on entry into the EU and a freeze on their assets.

Vladimir Putin himself was already targeted by sanctions, like his Belarusian counterpart Alexander Lukashenko or Igor Sechin, the boss of the oil company Rosneft.

Since the beginning of the Russian invasion in Ukraine, London claims to have sanctioned more than a thousand people and 100 entities, and in particular oligarchs representing more than 117 billion pounds sterling (137 billion euros).