List of Global Sanctions Against Russia, the Impact on the Russian Economy, and Companies Fleeing the Country

Russian President Vladimir Putin gives a speech during a ceremony formally annexing four regions of Ukraine Russian troops occupy, at the Kremlin in Moscow, on Sept. 30, 2022. Grigory Sysoyev/Sputnik /AFP via Getty Images

After Russia invaded Ukraine in late February, the Western world united to impose sanctions against Moscow in a bid to punish the country and force the government to pull back its forces. These sanctions have affected the Russian economy, with the country seeing a drop in imports and exports, as well as international firms shutting down operations.

What Are the Sanctions Being Put on Russia?

Sanctions are aggressive regulations imposed on a country or region in condemnation of a provocative or belligerent action that goes against established norms in the domestic or international theater. The modern interdependence of economies and democratic systems of governance has made implementing sanctions an effective restraining measure.

The most effective sanctions against Russia have been imposed by two of its biggest trading partners—the United States and the European Union. China was the top importer of Russian products in 2021.