Sweeping sanctions have been imposed by the global community on Russia for its invasion of neighbouring Ukraine. But what are sanctions, why are they imposed, and what are the different types of sanctions? Let’s find out.
A coercive measure
Sanctions are a coercive measure imposed on countries when they are perceived to be a threat to peace and security. Sanctions can be applied to diplomatic, economic, and cultural relations between countries. Mostly non-military in nature, they are imposed by one state against another or by an international organisation such as the United Nations on a state. If they are imposed by one country on another, they are called unilateral sanctions and if they are imposed by an international organisation, they are referred to as collective sanctions.
There may be comprehensive sanctions or punitive measures that target travel, trade in arms, or conduct of sporting events. You might have heard about economic sanctions imposed to prevent countries from testing nuclear weapons and the sanctioned countries repeatedly insisting on their removal to spur growth. Sanctions can also target individuals such as political leaders as well as groups, including rebel or terrorist organisations.
Economic & financial sanctions
Economic sanctions include travel bans and financial sanctions. Asset freezes and restrictions on financial markets and services encompass financial sanctions. Asset freeze prohibits dealing with the frozen financial assets of targeted individuals or groups.
Sanctions are imposed in the hope of effecting behavioural change in the targeted entity. Though sanctions are not always effective in bringing about this change immediately, they can go a long way in deterring countries, individuals, and entities from persisting with their aggressive actions over time.
Sanctions against Russia
A mix of economic and diplomatic sanctions has been imposed on Russia for its aggression against Ukraine. Countries such as the U.S., the U.K., and the European Union have acted unilaterally and collectively. Poland, Czech Republic, Bulgaria, and others have closed their airspace for Russian airlines. The EU has introduced asset freezes and travel bans preventing listed individuals from entering or transiting through EU territory. Some countries have banned all transactions with Russia’s central bank. According to reports, some of the sanctions targeting Russian President Putin and Foreign Minister Lavrov are unprecedented. Russia is expelled from the 2022 World Cup and its teams suspended from all international football competitions. Disney and Sony Pictures have stopped the release of their films in Russian cinemas. These sanctions are expected to curb Russian aggression, dealing a crushing blow to the Russian economy.
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