Sanctions against Russia

Coordinated sanctions against Russia have been in place since 2014, following its annexation of Crimea and ongoing role in the destabilisation of eastern Ukraine.

Sanctions in response to the 2022 invasion of Ukraine

In the build-up to the current crisis in Ukraine, Western allies warned Russia that any breach of Ukraine’s territorial integrity and sovereignty would be met with unprecedented economic measures. Following Russia’s recognition of independence of the self-proclaimed Luhansk People’s Republic and the Donetsk People’s Republic, and the deployment of Russian troops under the guise of peacekeeping operations, initial sanctions were introduced by the West.

On 24 February 2022, Russian military forces crossed the border into Ukraine and continue to conduct a full-scale assault on the country. The EU, UK, US, and other allies, have responded with significant coordinated sanctions, targeting Russia’s financial sector, aviation and shipping, strategic sectors of the economy such as defence, aerospace and energy, individuals close to the Putin regime and those facilitating Russia’s invasion of Ukraine, including actors in third countries.

Sanctions are being introduced on a rolling basis and the UK has said “nothing is off the table”.  The focus is increasingly turning to the prevention of sanctions evasion.

As of 17 August 2023:

• 1,627 individuals and 238 entities are subject to UK sanctions under the Russia regime (PDF).
• Almost 1,800 individuals and entities are subject to EU sanctions against Russia, including secondary sanctions.
• The UK has targeted 129 oligarchs with a combined net worth of over £145 billion.

In tandem with trade and financial restrictions, Russia is now the most sanctioned country in the world. 

Amidst concerns over global food security, the EU, US and UK issued a joint statement on 14 November 2022 in which they reiterated “the target of our sanctions is Russia’s war machine, and not the food or fertiliser sectors… banks, insurers, shippers, and other actors can continue to bring Russian food and fertiliser to the world”.

This briefing provides an overview of the sanctions that have been imposed on Russia since February 2022 by the UK, EU, US and other allies and partners.

The debate around the potential use of sanctioned assets to fund reconstruction in Ukraine is examined in greater detail in Library briefing: Post conflict reconstruction assistance to Ukraine.