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Russia sanctions – so far

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Written by Jake Plenderleith on Tuesday 30 August, 2022

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

Statistics box 1, stating: 0% - Percentage of international yuan payments by value with Russian bank and business involvement before the war. Now, it stands at 4%, putting Russia third in global yuan payments. £82.3 billion – Amount Russia earned in oil and gas exports 100 days into the war in Ukraine.
Statistics box 2, stating: 243 – Number of international firms continuing to do business with or operate within Russia, including Clarins, Armani, Lacoste, Philips and TGI Friday’s. 14 – Amendments to the UK’s Russia sanctions since the war began. 38% - Forecast rise in Russia energy exports earnings this year.
Statistics box 3, stating: 1000+ Russian entities and individuals sanctioned by Western governments. $320 billion – Amount of frozen Russian foreign exchange reserves – half of the country’s total ($640 billion). 6% - Projected decline in Russian GDP in 2022, according to the IMF.
Statistics box 4, stating: 1,282 – New sanctions on Russian entities imposed by the British government since 22 February. 7,568 – Russian individuals sanctioned by Western governments since the war began.

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).

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Sources:

  1. https://www.bbc.co.uk/news/business-61785111
  2. https://www.reuters.com/markets/currencies/russia-charges-third-list-countries-using-chinas-yuan-2022-08-18/
  3. https://som.yale.edu/story/2022/over-1000-companies-have-curtailed-operations-russia-some-remain
  4. https://www.hellenicshippingnews.com/the-impact-of-russias-invasion-of-ukraine-a-trade-finance-compliance-perspective/
  5. https://www.cnas.org/publications/reports/sanctions-by-the-numbers-economic-measures-against-russia-following-its-2021-invasion-of-ukraine
  6. https://www.ft.com/content/eebc166b-0ab3-4a69-b61c-62908ee984e5
  7. https://www.france24.com/en/live-news/20220726-russia-doing-better-than-expected-despite-sanctions-imf
  8. https://www.castellum.ai/russia-sanctions-dashboard#

 

Information correct as of 22 August 2022.


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