As the war between Russia and Ukraine continues, pressure mounts in the form of sanctions for the formem Numerous countries from across the globe are introducing new measures daily, significantly damaging Russia’s economic well-being. A site that tracks sanctions, Castellum.ai, has measured a significant increase in the number of sanctions imposed on the country. While it was already second, with 2,754 preventative measures against it, it lept easily to first place since starting the war.
Prior to the war, Iran was the leader in sanctions, with 3,616 to its name. And while the number is significant, Russia blew past it, receiving a whopping 2,778 new sanctions. That brings its total number to way above Iran’s at 5,532. That number nearly triples North Korea’s 2,077 and more than doubles Syria’s 2,608.
The economic pressure is starting to cause cracks in Russia. The rouble has dropped to a fraction of its value since the conflict started, and many companies are pulling out. The country was also banned from some important global systems, such as the SWIFT payment structure. The country’s stock market has been closed for days, and trading on its currency is limited.
The United States are first in the number of sanctions against Russia, with 1,194. Surprisingly, the next is Switzerland, which has been notoriously neutral throughout history as far as economic measures go. The country has put 568 sanctions on Russia since February 22. Other countries and entities, such as the EU, Canada, and Australia, have also introduced hundreds of sanctions.
The latest round of suppressive measures comes in preventing earnings from one of Russia’s primary exports, energies. The US leads the charge in preventing all oil and gas exports from Russia, dealing a significant blow. And while the EU is more dependent on Russian energies, the US’ move may start a trend.
Get the latest economy news, trading news, and Forex news on Finance Brokerage. Check out our comprehensive trading education and list of best Forex brokers list here. If you are interested in following the latest news on the topic, please follow Finance Brokerage on Google News.
Australian EconomyCommodity PricesOil PricesOPECStock Market