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Update on Russia Sanctions

Updated: May 31, 2022

On May 31, 2022, the EU announced that it completed negotiations on a new set of sanctions on Russia consistent with a framework announced earlier this month. One key part of this sanctions package is a plan to phase out Russian oil. The EU agreed to eliminate 90% of Russian oil imports by the end of this year accomplished to a great extent by halting imports via shipping by sea. Agreed to exemptions, most notably an exemption for Hungary of pipelined oil, keeps the phase out below 100%.

Two other key sanctions finalized by the EU include removing another Russian bank -- Sberbank -- from the SWIFT Financial System, and banning the broadcasts of additional Russian media companies. While the specific companies have not been confirmed, reporting indicates that the additional companies to be banned from broadcasting in the EU include RTR Planeta, Russia 24 and TV Centre. The EU had already banned Sputnik and RT in March.


Below is a running list provides of sanctions related to Russia’s invasion of Ukraine imposed by the United States, the European Union (EU), and other nations.

Russian Energy

  • The United States announced that it is banning Russian oil, coal, and liquified natural gas imports.

  • The UK announced that it is phasing out Russian oil imports by the end of 2022.

  • The EU announced that it will impose an import ban on Russian coal, and reduce imports of Russian natural gas by two-thirds by the end of 2022.

Airspace Bans

  • Russian flights have been banned from flying in European Union (EU) airspace, as well as the airspace of other European countries (e.g., the UK, Switzerland, Finland), the United States, and Canada.

Russian Leadership

  • The EU and the United States sanctioned Vladimir Putin and Sergey Lavrov, the Russian Minister of Foreign Affairs.

  • The EU sanctioned members of the National Security Council of the Russian Federation who supported Russia’s recognition of Donetsk and Luhansk.

  • Switzerland announced that it is implementing EU financial sanctions.

  • Australia says it is imposing travel bans and “targeted financial sanctions” on eight members of Russia’s National Security Council.

  • The EU says that Russian diplomats, other officials, and business people, will no longer be able to benefit from visa facilitation provisions, which allow privileged access to the EU.

Russian Banking

  • The United States announced (May 8, 2022) that it sanctioned additional Russian banking-related persons including eight executives from Sberbank; twenty-seven executives from Gazprombank; and, Moscow Industrial Bank along with its ten subsidiaries.

  • The United States announced (April 2022) that it sanctioned entities and related persons running sanctions-evasion efforts centering on Public Joint Stock Company Transkapitalbank (TKB), a Russian privately owned commercial bank; Russian oligarch Konstantin Malofeyev, who was already charged by the Department of Justice (April 6, 2022) with U.S. sanctions violations and coordinates an organization called the “Autonomous Noncommercial Organization for the Study and Development of International Cooperation in the Economic Sphere International Agency of Sovereign Development (IASD);” and, a currency mining holding company – BitriverAG.

  • An international coalition of leaders of the European Commission, France, Germany, Italy, the United Kingdom, Canada, and the United States, announced (February 26, 2022) that “selected Russian banks” will be removed from the SWIFT international banking system.The EU subsequently agreed (May 30, 2022) to removed Sberbank from the system, on top of other banks approved for removal in March including VTB Bank (Russia's second-largest lender), Bank Otkritie, Novikombank, Promsvyazbank, Rossiya Bank, Sovcombank and VEB (Russia's development bank). The coalition also stated its commitment to imposing restrictive measures preventing the Russian Central Bank “from deploying its international reserves in ways that undermine the impact” of sanctions. The coalition also committed to launching a transatlantic task force to ensure the effective implementation of financial sanctions on officials, elites and families, and other “enablers” to identify and freeze assets.

  • The United States imposed “full blocking sanctions” on Russian banks/financial institutions (and subsidiaries) – VTB, Sberbank, Alfa-Bank, Vnesheconombank, Promsvyazbank, Bank Otkritie, Sovcombank OJSC, and Novikombank.

  • The United States released guidance on gold transactions to address efforts of Russia to circumvent financial sanctions.

  • The United States removed Sberbank (and 25 subsidiaries) from the U.S. financial system by imposing “correspondent and payable-through account sanctions.” Payable-through account transactions are those which permit foreign bank customers to engage in banking activities that are usual in connection with the business of banking in the United States. On March 24th the United States sanctioned the head of Sberbank and "close Putin associate," Herman Gref.

  • The EU imposed a full transaction ban on four Russian banks, including VTB.

  • Switzerland announced that it is implementing EU financial sanctions.

  • The UK says that it will prevent sanctioned banks from accessing Sterling and clearing payments through the UK. Such banks will be unable to process any payments through the UK or have access to UK financial markets.

  • The UK imposed sanctions on six Russian banks: VTB, Rossiya, IS Bank, General Bank, Promsvyazbank, and the Black Sea Bank. The UK says Russian banks, state and privately owned companies will be prevented from “borrowing billions of pounds” from UK lenders.

  • The UK announced that all Russians are banned from having significant savings in UK bank accounts; Russian bank accounts will be limited to £50,000.

  • Japan announced that it is freezing assets of Promsvyazbank, Bank Rossiya, and Russia's economic development bank VEB.

  • Australia imposed sanctions on Rossiya Bank, Promsvyazbank, IS Bank, Genbank, the Black Sea Bank for Development and Reconstruction, VEB, Cetelem Bank, the Russian Agency for Export Credit and Investment (EXIAR), Otkritie Bank, and the Russian Direct Investment Fund (RDIF).

  • Canada announced that it is sanctioning 27 financial institutions, including major banks.

  • Korea says it will join other countries in blocking some Russian banks from the SWIFT international payments system.

  • Singapore says it will "block certain Russian banks and financial transactions connected to Russia."

Russian Access to Financial Markets

  • The United States prohibited U.S. organizations and individuals from participating in secondary markets for new sovereign debt issued by the Central Bank of the Russian Federation, the National Wealth Fund of the Russian Federation, and the Ministry of Finance of the Russian Federation.

  • The United States restricted all transactions in, provision of financing for, and other dealings in new debt of greater than 14 days maturity and new equity issued by thirteen Russian state-owned enterprises and entities to include: Sberbank, AlfaBank, Credit Bank of Moscow, Gazprombank, Russian Agricultural Bank, Gazprom, Gazprom Neft, Transneft, Rostelecom, RusHydro, Alrosa, Sovcomflot, and Russian Railways. These entities, including companies critical to the Russian economy with estimated assets of nearly $1.4 trillion, will not be able to raise money through the U.S. market.

  • The UK announced that all “economically vital industries and companies” will be banned from raising finance on the UK’s money markets.

  • The EU announced that EU persons will be prohibited from dealing in transferable securities and money-market instruments (issued after March 9, 2022) by the Russian government, the Russian Central Bank, or any entity acting on behalf of the Russian Central Bank. No loans or credit can be made available to these entities after 23 February 2022.

  • The EU prohibited the listing and provision of services in relation to shares of Russian state-owned entities on EU trading venues.

  • Switzerland announced that it is implementing the EU's financial sanctions.

  • Canada announced that it is putting “new prohibitions” on direct and indirect dealings in Russian sovereign debt, and Japan announced a similar action.

Wealthy & Influential Russians/Companies

  • The United States announced (May 8, 2022) visa restrictions on a large number of Russian and Belarusian persons.

  • The United States announced (April 20, 2022) visa restrictions on 655 persons related to Russia’s actions in Ukraine including those involved in suppressing dissent, human rights violations, and undermining democracy.

  • The United States sanctioned President Putin's daughters Katerina Vladimirovna Tikhonova and Maria Vladimirovna Vorontsova, as well as Maria Aleksandrovna Lavrova (Russian Foreign Minister Sergey Lavrov’s wife) and Yekaterina Sergeyevna Vinokurova (Lavrov’s daughter).

  • The international coalition of leaders stated its commitment to measures limiting “the sale of citizenship - so called golden passports” - which enable wealthy Russians connected to the Russian government to become citizens of the coalition’s countries and financial systems.

  • The United States imposed full blocking sanctions on Russian elites and family members: Aleksandr Bortnikov (and his son, Denis), Sergei Kiriyenko (and his son, Vladimir), Petr Fradkov, Sergei Ivanov (and his son, Sergei), Andrey Patrushev (and his son Nikolai), Igor Sechin (and his son Ivan), Andrey Puchkov, Yuriy Solviev (and two real estate companies he owns), Galina Ulyutina, and Alexander Vedyakhin. On March 24th, the United States expanded its list of sanctioned Russian elites.

  • The United States established a dedicated task force in the Department of Justice to go after the crimes of Russian oligarchs, and is joining with European allies to find and seize yachts, luxury apartments, and private jets.

  • The UK sanctioned wealthy/influential persons to include “five of Putin’s inner circle.” Among the sanctioned persons: Putin’s his ex son-in-law Kirill Shamalov, Petr Fradkov, Denis Bortnikov, Yury Slyusar, Elena Aleksandrovna Georgieva, Gennady Timchenko, Boris Rotenberg, and Igor Rotenberg. The UK says any assets these persons hold in the UK “will be frozen” and they will be banned from traveling to the UK. UK individuals/entities will be prohibited from any dealings with them.

  • The UK sanctioned businesses such as the Tactical Missile Corporation, Russia’s leading supplier of air and sea missiles; Uralvagonzavod, one of the world’s largest tank manufacturers; Rostec, Russia’s biggest defense company; United Aircraft Corporation, a holding company that includes all major Russian aircraft manufacturers; and, United Shipbuilding Corporation, the largest shipbuilding company in Russia.

  • The United States announced full blocking sanctions on Russian defense entities, including 22 defense-related entities including firms that make combat aircraft, infantry fighting vehicles, electronic warfare systems, missiles, and unmanned aerial vehicles. On March 24th, the United States added a large number of additional specific entities and related persons in the Russian defense-industrial base.

  • Canada says it is imposing sanctions on 31 individuals “who are key members of President Putin’s inner circle.”

  • New Zealand says it banned Russian Government officials and other individuals associated with the Russian invasion of Ukraine.

  • Japan announced that it suspended the issuance of entry visas to Japan for designated individuals related to Russia and will freeze the assets held by designated individuals and entities related to Russia in Japan.”

Nord Stream 2 Natural Gas Pipeline

  • Germany announced at a press conference (February 22, 2022) that Germany would stop its certification process for the Nord Stream 2 pipeline. The pipeline was ready apart from final certification by Germany. Germany had previously delayed its certification process until this past January. Germany did not commit to permanently ending the certification process.

  • The United States issued a statement (February 23, 2022) that the President has directed his administration to impose sanctions on Nord Stream 2 AG and its corporate officers.

Breakaway Ukraine Republics

  • The United States President signed an Executive Order prohibiting specific economic and other related activities with entities and persons tied to the Donetsk and Luhansk regions of Ukraine, as Russia formally recognized what it is calling the Donetsk and Luhansk “People’s Republics.” The Donetsk and Luhansk regions have been partly controlled by Russia-backed Ukraine separatists since 2014. On March 24, 2022, the United States sanctioned all members of the Russian Duma.

  • The EU says it sanctioned 27 persons and entities, as well as all 351 members of the Russian Duma, all of whom participated in, or publicly support, the Russian declarations that Donetsk and Luhansk are now independent from Ukraine.

  • Canada and Australia sanctioned Russian Duma members for voting to recognize the independence of Donetsk and Luhansk, and imposing bans on transactions and activities in the regions. Japan imposed a similar ban with the regions.


  • The EU announced (May 31, 2022) that it was banning three additional Russian broadcasters in the EU. While the specific companies have not been confirmed, reporting indicates that the companies are RTR Planeta and Russia 24 and TV Centre. The EU had already banned broadcasts of Sputnik and RT in March.

  • The United States announced (May 8, 2022) that it imposed sanctions on three Russian State media companies -- Joint Stock Company Channel One Russia, Television Station Russia-1, and Joint Stock Company NTV Broadcasting Company; ban certain business services that can enable sanctions evasion including management consulting, accounting, and related services which help Russian companies generate revenue and help the wealthy evade sanctions; sanction additional industrial sectors, such as wood products, industrial engines, boilers, motors, fans, and ventilation equipment, and bulldozers; and that the Nuclear Regulatory Commission will suspend general licenses for exports of source material, special nuclear material, byproduct material, and deuterium to Russia.

  • The United States announced (April 21, 2022) a prohibition of Russian-affiliated vessels from entering into United States ports, with exceptions for certain nuclear material and for crews to embark/disembark for “crew changes, emergency medical care, or for other humanitarian” needs.

  • The EU announced (May 31, 2022) a ban on insurance and reinsurance of Russian ships by EU companies, as well as "a ban on providing Russian companies with a whole range of business services."

  • The United States imposed a ban on financial and services investments in Russia.

  • NATO Allies and G7 nations (United States, Canada, France, Germany, Italy, Japan, the United Kingdom) announced (March 11, 2022) that Russia will no longer receive so-called "permanent normal trade relations (PNTR)." Countries achieving given this status get specific trade advantages, such as reduced tariffs on imported goods.

  • The United States imposed restrictions on the export of sensitive technology, primarily targeting the Russian and Belarusian defense, aviation, and maritime sectors. Examples of affected sensitive U.S. technologies include semiconductors, telecommunication, encryption security, lasers, sensors, navigation, avionics and maritime technologies. In addition, nations that adopt similar export restrictions will be exempted for their products from U.S. licensing requirements updated because of the Russian and Belarusian sanctions.

  • The UK says it would “substantially strengthen trade restrictions,” banning the export of a range of high-end and critical technical equipment and components in sectors including electronics, telecommunications, and aerospace. Aeroflot will be banned from the UK’s airspace.

  • The EU prohibited the sale, supply, transfer or export to Russia of specific goods and technologies in oil refining.

  • The EU banned export of aviation and space goods and technology, as well as associated insurance/reinsurance, maintenance, technical and financial assistance; the sale of aircraft, spare parts, and equipment; quantum computers and advanced semiconductors; and sensitive machinery and transportation equipment.

  • The EU says it imposed “further” export controls of dual-use goods and technology, as well as restrictions on exports of certain goods and technology that could benefit Russia’s defense and security sectors.

  • The EU is banning Russian vessels and Russian-operated vessels from accessing EU ports, with some exemptions for agricultural and food products, humanitarian aid as well as energy. The EU is also banning road transport operations on Russian and Belarusian operators.

  • The EU imposed import bands on wood, cement, seafood and liquor.

  • Switzerland announced that it banned imports, exports and investments with the Ukrainian regions of Donetsk and Luhansk.

  • Canada says it canceled existing export permits for Russia, worth an estimated $700 million in trade.

  • Japan said that it is imposing export controls on high-tech products such as semiconductors.

  • South Korea said that it will ban exports of strategic items including electronics, semiconductors, computers, information and communications, sensors and lasers, navigation and avionics, and marine and aerospace equipment.

  • Singapore said that it will impose export controls on items that can be used directly as weapons in Ukraine to inflict harm or to subjugate Ukrainians.

  • New Zealand said it is prohibiting the export of goods to Russian military and security forces.

Belarus Sanctions for Supporting the Ukraine Invasion

  • For supporting the invasion of Ukraine, the United States sanctioned 24 Belarusian individuals and entities, including two significant Belarusian state-owned banks, nine defense firms, and seven regime-connected officials and elites.

  • The EU says it will target individuals who facilitated the Russian military aggression from Belarus.

  • The UK announced sanctions against four defense officials and two military state-owned enterprises. Individuals sanctioned include Belarus Chief of the General Staff and First Deputy Minister of Defense, Major General Victor Gulevich; Deputy Minister of Defense for Logistics and Chief of Logistics of the Belarusian Armed Forces, Major General Andrei Burdyko; Deputy Minister of Defense for Armament and Chief of Armament of the Belarusian Armed Forces, Major General Sergei Simonenko; Deputy Minister of Defense, Major General Andrey Zhuk. Sanctioned state enterprises include JSC 558 Aircraft Repair Plant and JSC Integral, a military semi-conductor manufacturer.


  • Taiwan announced (February 25, 2022) that it will join economic sanctions against Russia, but has not identified which measures it will adopt.

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