Insight

Russia sanctions – so far

Written by Jake Plenderleith on Tuesday August 30, 2022

Examining the numbers 6 months into Russia’s invasion of Ukraine, and the political, economic and compliance consequences that have followed.

The ruble is no longer in the top 20 global currencies used to make international payments.

Between March and June 2022, a growth of more than 2,000 vessels ‘going dark’ globally was recorded, and a 25% rise in these vessels potentially visiting ports.

Since 2017, there has been a 53% rise in ‘English Limited Partnerships’, some of which have been used by Russian oligarchs close to President Putin.

Russian financial institutions are third-most common target for US sanctions, after defence & transportation and elites close to Putin.

Sberbank – Russia’s largest bank – was at first only subject to corresponding banking sanctions. Following reports of war crimes, it was designated as part of a full blocking sanctions package.

The country that has imposed the most sanctions against Russian entities and individuals worldwide is Switzerland – with 1,360 designations. This is followed by the US (1,300), the UK (1,282) and Canada (1,220).

Sources:

https://www.bbc.co.uk/news/business-61785111

https://www.reuters.com/markets/currencies/russia-charges-third-list-countries-using-chinas-yuan-2022-08-18/

https://som.yale.edu/story/2022/over-1000-companies-have-curtailed-operations-russia-some-remain

https://www.hellenicshippingnews.com/the-impact-of-russias-invasion-of-ukraine-a-trade-finance-compliance-perspective/

https://www.cnas.org/publications/reports/sanctions-by-the-numbers-economic-measures-against-russia-following-its-2021-invasion-of-ukraine

https://www.ft.com/content/eebc166b-0ab3-4a69-b61c-62908ee984e5

https://www.france24.com/en/live-news/20220726-russia-doing-better-than-expected-despite-sanctions-imf

https://www.castellum.ai/russia-sanctions-dashboard#

Information correct as of 22 August 2022.