Overview of Sanctions from Friday 25 February- 26 February 2022 (9:00 GMT)
Sanctions imposed on Putin and Lavrov
On Friday 25 February, the EU, the US, the UK, and Canada all froze the foreign-held assets of Vladimir Putin and the Russian foreign minister, Sergei Lavrov. It is not often that the assets of heads of state are frozen. Only Kim Jong Un, Alexander Lukashenko, and Bashar al-Assad have been subjected to an asset freeze in the past. Nevertheless, there are doubts surrounding the extent of Putin’s and Lavrov’s wealth abroad. The impact of these sanctions is thus perceived to be more symbolic than tangible.
Ban on travel
Contrary to the US, the EU and the UK did not impose a travel ban on Putin and Lavrov. This will allow them to keep diplomatic pathways open.
Sanctions placed on other individuals
The US also sanctioned Minister of Defense Sergei Shoigu and Chief of the General Staff of the Russian Armed Forces Valery Gerasimov. The EU, on the other hand, placed restrictive measures on the members of the Russian National Security Council and on the remaining members of the Russian State Duma.
What about SWIFT?
There has been a lot of discussion over the past few days concerning Russia’s removal from the international payments system SWIFT. Iran is the only other country that has been blocked from SWIFT in an attempt to contain the country’s nuclear program back in 2012. The UK has shown its support for taking Russia out of the system, however, the EU is still to come to a final decision. Christian Linder, the German finance minister, said on Friday that Germany was now more open to the possibility of cutting Russia from SWIFT and France’s foreign minister, Jean-Yves Le Drian, said: “There will be other penalties [to come].”