Russia-Ukraine conflict: Sanctions imposed on Moscow and their consequences

BERILN: The UK on Thursday announced new sanctions preventing Russian companies in the aviation and space industry from accessing British insurance and reinsurance services following the invasion of Ukraine.

 "Russian companies in the aviation or space industry will be prevented from making use of UK-based insurance or reinsurance services directly or indirectly... in response to the invasion of Ukraine by Russia," the treasury office said in a statement.

The development comes almost a week after Russian President Vladimir Putin launched a massive military offensive to invade Ukraine. The United States, Europe and several other countries have imposed a host of sanctions on Russia which will hurt the country's economy and the personal finance of individual citizens including leading politicians.

Here are the list of sanctions Russia is facing currently:

    The United States, Britain, Europe and Canada removed some Russian banks from the SWIFT global payments messaging system which will damage the country and its trading partners.
    The European Union (EU) has named seven banks it will exclude from SWIFT on March 12, including Russia's second-largest bank VTB, Bank Otkritie, Novikombank, Promsvyazbank Bank Rossiya, Sovcombank and VEB.
    However, Sberbank and Gazprombank have not been included in the list because they are the main channels for payments for Russian oil and gas, which EU countries are still buying.
    According to a report by Reuters, the EU has also imposed a ban on issuing bonds, shares or loans for refinancing Alfa Bank and Bank Otkritie.
    The US targeted the "core infrastructure" of Russia's financial system by sanctioning Sberbank and VTB. The US also banned Otkritie, Sovcombank and Novikombank and some senior executives at state-owned banks.
    The Biden administration also added VTB, Otkritie, Novikombank and Sovcombank to the Specially Designated Nationals (SDN) list.
    The US sanctions also target two Belarusian state-owned banks -- Belinvestbank and Bank Dabrabyt -- for supporting Russia.
    The US has also joined Europe and Canada in closing off its airspace to Russian airlines.
    Additionally, Airbus and Boeing said they would cut off spare parts and technical support to the country's airlines. The French-based Airbus and US-based Boeing's aircraft account for the vast majority or Russia's passenger fleet.
    A growing number of the world's best known brands - from Apple to Mercedes-Benz and BP - have decided to pull out of a country that's become a global outcast. German Volkswagen Group decided to halt all its business activities in Russia, including that of subsidiary Skoda Auto, which is halting car production in its two Russian plants and all exports to Russia.
    Similarly, Swedish furniture retailer Ikea says it is closing its operations in Russia, pausing all export and import in and out of Russia and Belarus, a decision that will have "a direct impact on 15,000 IKEA co-workers."
    The UK has sanctioned five Russian banks, including Bank Rossiya, Black Sea Bank, Genbank, IS Bank and Promsvyazbank.
    The UK has also imposed sanctions on Gennady Timchenko, billionaires Igor and Boris Rotenberg who are the allies of Putin.
    German Chancellor Olaf Scholz has suspended the certification process for the Nord Stream 2 natural gas pipeline which directly links Russian gas to Europe via Germany.
    Australia is all set to impose sanctions on Russian individuals it believes are responsible for Moscow's actions against Ukraine.
    According to Outlook.com, Japan has prohibited Russian bonds and frozen the assets of several Russian individuals.
    Formula One cancelled the Russian Grand Prix in Sochi in September and cancelled contract with the race.
    Russian and Belarusian athletes are banned from the Paralympics Games for their countries' roles in the war in Ukraine. 

How are Russians being affected?

    The sanctions threaten ultra-wealthy Russians who own properties across Europe and send their children to elite European private schools. Some have begun, albeit tentatively, to speak out.
    Russian billionaire Roman Abramovich confirmed that he's trying to sell the Premier League Chelsea soccer club, with a price tag of at least $2.5 billion floated. He said net proceeds from the sale will be donated to benefit all victims of the war in Ukraine.
    Ordinary Russians are also feeling the impact of the sanctions, from payment systems that won't operate and problems withdrawing cash to not being able to purchase certain items.

(With inputs from AP