Sanctions against Russia
41 Commons Library Research Briefing, 22 March 2023
• Sanctions on five individuals and their families: Aleksandr Bortnikov,
Denis Bortnikov, Sergei Kiriyenko, Vladimir Kiriyenko Promsvyazbank CEO
Petr Fradkov.
• A determination by the US Treasury that any institution in the Russian
financial services sector is a target for future sanctions.
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The US also reinstated sanctions on Nord Stream 2 AG, the company that
owns the pipeline, and its CEO, Matthias Warnig, which it had waived in May
2021.
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When announcing the sanctions, President Biden warned Russia:
As Russia contemplates its next move, we have our next move prepared as
well. Russia will pay an even steeper price if it continues its aggression,
including additional sanctions.
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Sanctions imposed after the invasion of Ukraine
In response to Russian military action the US administration announced
further sanctions on 24 February, in line with announcements by the UK and
the EU. Among specific measures:
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• Sanctions against Russia's two largest financial institutions to prevent
them making clearing payments in US dollars: Sberbank and VTB Bank,
which are estimated to make up more than half of the total banking
system in Russia by asset value. All foreign owned subsidiaries of each
company are covered by the prohibitions.
• Blocking sanctions on three additional major Russian financial
institutions and their subsidiaries: Otkritie, Novikombank and
Sovcombank.
• Restrictions on some of Russia's largest state-owned enterprises,
including Gazprom, Rostelecom, AlfaBank, Alrosa, Transneft and
RusHydro, preventing them from raising money on US markets.
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• A ban on almost half of Russia's high-tech imports, to stop it developing
its military capabilities.
• The designation of several individuals within Putin's inner circle, and
certain family members with ties to state-owned companies that have
been sanctioned.
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The US administration estimates that over 80% of Russia's daily foreign exchange transactions
globally are in US dollars and half of Russia's international trade is conducted in US dollars (White
House, Fact Sheet: United States imposes first tranche of swift and severe costs on Russia,
22
February 2022)
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US Department of State, Sanctioning NS2 AG, 23 February 2022
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White House, Remarks by President Biden announcing response to Russian actions in Ukraine, 22
February 2022
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US Department of the Treasury, Press release, 24 February 2022
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US Department of the Treasury, Directive 3 under Executive Order 14024, Annex 1
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US Department of the Treasury, Russia-related designations, 24 February 2022
