Responses to the Russia/Ukraine Crisis - Sanctions Update No. 2

Despite global calls for Russia to cease its aggressive activities, the crisis in Ukraine is showing no sign of ending any time soon. The UK, EU, U.S. and other countries, including Australia, Canada and Japan, have been ratcheting up their responses and imposing a succession of sanctions and restrictions on the Russian financial and trade sectors, as well as targeting individuals, including politicians, oligarchs and others connected to the Government of Russia. 

Not all sanctions programmes have moved in parallel but there are clear patterns in states’ responses, with the majority of the highest profile Russian banks, companies and individuals now subject to broad sanctions across the globe.

In this update to our article published on 3 March 2022, we look at the major developments in the UK, EU and U.S. sanctions programmes introduced since then and consider their impact.