Western leaders have responded to Russia's invasion of Ukraine by hitting Moscow with severe financial sanctions, hoping that strangling the country's economy will force President Vladimir Putin to pull his forces back across the border.
On Friday, the U.S. and its allies moved to further isolate and sanction the Kremlin. President Joe Biden announced that along with the European Union and the Group of Seven countries, the U.S. will revoke “most favored nation” trade status for Russia and also ban imports of Russian seafood, alcohol and diamonds.
Other measures taken in recent days include the freezing of central bank assets, limits on exports and sanctions against Russian oligarchs and their families. These financial tools have led to the Russian ruble losing about half of its value against the U.S. dollar over the past month, which has caused destructive inflation that could erode Russian President Vladimir Putin’s ability to wage a prolonged war in Ukraine.
Meanwhile, big corporations like Volkswagen, Ikea and Apple have idled plants or halted sales, while energy giants BP, Exxon and Shell have said they will stop buying Russian oil and gas or exit partnerships there. McDonald’s, Starbucks, Coca-Cola, PepsiCo and General Electric have also suspended their business in Russia.
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Here's are all the sanctions that have been imposed on Russia by the U.S. and its allies so far:
Click here for complete coverage of the crisis in Ukraine.
