Ukraine Russia crisis: Sanctions US, UK, odas sama Moscow

putin

Reuters

Di US, UK and some of dia allies don impose sanctions on Russia, afta e recognise two areas wey rebel dey hold down say e dey separate from Ukraine.

However, Russian president Vladimir Putin move never still trigger di full range of sanctions Western nations bin don prepare.

Wetin be sanction?

Sanction na penalty wey one kontri sama anoda most times in order to stop am from acting anyhow or breaking international law.

Sanctions most times dey designed to di kontri economy, or di finance of individual citizens like top politicians. Dem fit include travel bans and embargo on arms.

Except to go war, sanctions dey among di strongest measures nations fit use.

Which sanctions dem don imposeon Russia?

EU dey sanction 27 Russian individuals and organisations, including banks. Dem dey also limit access to European capital markets — dem dey cut off di ability to access funds from EU banks —and dem dey also ban trade between di EU and di two rebel-held regions.

Dem dey also target like 351 members of Russia Duma, parliament lower house, with sanctions.

US sanctions wey dem announce on Tuesday dey targeted at Russia ability to finance im military efforts. Dem target two state-owned banks wey America say dey important to Russia defence sector. Dem no longer go dey able to do business for US or fit get access to di American financial system.

US say dem dey also sanction five important Russian elites – ‘VIP’ – and dem go add restrictions ontop US deals wey involve Russia national debt.

Americans now don dey banned from doing business for di areas wey rebels hold down, Luhansk and Donetsk, afta Russia recognise dem. Russia don order troops dia, but tok say dem never deploy dem yet.

Few US firms dey active for di regions wey dey involved. But di White House say im fit impose more sanctions “if Russia further invade Ukraine”.

One worker wka pass one output filtration facility of gas treatment unit for di starting point of di Nord Stream 2 offshore natural gas pipeline

Getty Images
Germany don block di Nord Stream 2 pipeline from Russia from coming into operation

UK Prime Minister Boris Johnson announce sanctions against five Russian banks and three wealthy Russian businessmen.

“This na di first batch… and we get further sanctions on standby wey we go deploy,” di PM tok.

However, some MPs say di goment suppose do more – target more banks and ‘VIPS’.

German chancellor Olaf Scholz don pause permission for di Nord Stream 2 gas pipeline from Russia to Germany to open.

Which oda sanctions Russia fit face?

Western nations don threaten Russia with strong sanctions if e invade Ukraine.

Excluding Russia from Swift

One measure go be to exclude Russia from di global financial messaging service Swift, wey thousands of financial institutions dey use worldwide.

Dis one go make am very hard for Russian banks to do business overseas.

However, dis wan go also get economic cost for kontries like di US and Germany, wey dia banks get close links with Russia.

White House say e dey unlikely say dem go use am as an immediate response to invasion.

Banning Russia to dey US dollar

US fit ban Russia from financial transactions wey involve di US dollars. Any Western firm wey allow Russian institution to deal in dollars go face penalties.

Dis one fit get big impact on Russia economy as most of im oil and gas sales na dollars dem dey use dey do am. E fit stop Russia foreign trade for oda sectors.

However, e go mean say Russia oil and gas exports go fall, and dat one go affect European kontries wey dey depend on Russian gas.

Block di banks

US fit blacklist Russian banks, make am almost impossible for dem to conduct international transactions.

Moscow go get to bail out di banks and do wetin e fit to avoid inflation to rise and incomes to fall.

But dis step go affect western investors with money for those banks.

Asides dat one, Russia get reserves of over $630bn (£464bn) for im central bank to witstand dis kain economic shocks.

To block di export of hi-tech to Russia

Di West fit restrict di export of ogbonge hi-tech commodities to Russia.

US, for example, fit stop companies wey dey sell goods such as semiconductor microchips. Dem dey use am in everything from cars to smart phones.

Dis one go affect not just Russia defence and aerospace sectors, but di whole of im economy.

However, e fit spoil di business of companies wey dey export di technology.

Energy restrictions

Russia economy dey mostly dependent on selling gas and oil overseas and Western nations fit refuse to buy oil and gas from di big Russian energy giants like Gazprom or Rosneft.

But again, dis wan fit lead to higher gas prices and fuel shortage to Europe. Germany, for example, rely on Russia for one-third of im gas supplies.

City of London

Getty Images
UK goment don vow to fight illegal Russian money flow into London.

To limi Russian access to London financial institutions

Russian money wey dey banks and inside property for di UK big sotay dem dey call di capital “Londongrad”.

UK goment claim say dem dey tackle dis problem wit “unexplained wealth orders”, wey require say make pipo declare wia dia cash come from.

But no be plenti times dem don use dis orders.

Problem for di West

Western kontries don coordinate plans for strong sanctions if Russia launch all-out invasion of Ukraine.

But what if dem only take action in small steps?

US and European diplomats say Western kontries dey less united in how to respond to dis kain scenario.

Some kontries wey get closer relations with Russia – like Hungary, Italy, and Austria – fit no wan sama dem major sanctions.