Pressure builds on Putin as Russia sanctions pile on
June 20, 2022 - Following its invasion of Ukraine, Russia now has more than three times as many sanctions imposed against it than nearest neighbour Iran, with penalties targeting individuals, companies, yachts and aircraft.
Beginning on February 22, in a blitzkrieg of political brinkmanship led by the United States and its European allies, Russia has become the target of 8.225 new sanctions, taking them to a total of 10,920.
Its nearest neighbour in the sanctions black list is Iran, on 3,637 sanctions, accrued over the course of a decade, mostly due to its nuclear programme and support of terrorism.
Before Putin’s ill-advised invasion of Ukraine, Russia had been in second place on 2,754 sanctions.
Peter Piatetsky, a former Treasury Department official in the Obama and Trump administrations who co-founded Castellum.AI (a global sanctions-tracking database), says, “This is financial nuclear war and the largest sanctions event in history”.
Russia’s President Vladimir Putin agrees, saying the sanctions imposed upon his country are “akin to a declaration of war”.
Many of the U.S. sanctions against Russia before its invasion of Ukraine war were for interfering in its 2016 election and for attacking political dissidents.
The majority of the sanctions against Russia since the invasion are against individuals – 7,016, compared with 1,114 against entities (i.e. companies or government agencies).
Currently, Switzerland leads the way on the number of penalties imposed against Russia since the invasion, with 1,183 new sanctions. That compares with 1,075 from the United States and 1,034 from the EU.