Russia has been subjected to both political and economic sanctions by various countries, ever since it has launched military attacks on its neighbour Ukraine.
On Thursday, Putin warned Russian business leaders to brace for further “restrictions” on the economy, but called for business to work “in solidarity” with the government.
President Joe Biden signed an executive order on Monday unveiling a set of economic sanctions, saying that “Putin chose this war”.
The sanctions include export blocks on technology, which Biden’s said would severely limit Russia’s ability to advance its military and aerospace sector.
In a statement, the White House said, “This includes Russia-wide restrictions on semiconductors, telecommunication, encryption security, lasers, sensors, navigation, avionics and maritime technologies.”
Washington also sanctioned two Russia’s state-owned banks – VEB and Promsvyazbank – and blocked them from trading in its debt on US and European markets.
The two Russian banks are considered especially close to the Kremlin and Russia’s military, with more than $80 billion in assets.
That includes freezing all of those banks’ assets under US jurisdictions.
More than 80 per cent of Russia’s daily foreign exchange transactions and half its trade are conducted in US dollars.
The United Kingdom has announced sanctions on 100 individuals and entities as part of further sanctions against Russia, British Prime Minister Boris Johnson announced on Thursday afternoon.
In a speech to parliament, Johnson said the goal was “to exclude Russian banks from the UK financial system.”
Five Russian banks and three Russian billionaires—Gennady Timchenko, Boris Rotenberg and Igor Rotenberg— have been sanctioned.
Johnson also said that “nothing is off the table” when it comes to shutting off Russia’s access to SWIFT (messaging network used by financial institutions such as banks to send and receive money transfer orders or information quickly, securely, and accurately).
Going forward, Britain is also hoping to bring in legislation “early next week” to ban the export of certain technologies to Russia, particularly “in sectors including electronics, telecommunications, and aerospace,” according to Johnson.
On Friday, Taiwan said it would join the economic sanctions against Russia, without giving details of the measures being considered.
In a statement, the Ministry of Foreign Affairs said on Friday that it “strongly condemns” Russia’s decision to start a war against Ukraine, adding that it has posed a serious threat to the rules-based international order.
Taiwan is a global leader in the production of semiconductors.
European Commission President Ursula von der Leyen and French president Emmanuel Macron announced new measures on Friday, vowing to inflict “maximum impact on the Russian economy and political elite.”
“We will hold the Kremlin accountable,” said von der Leyen.
The sanctions are aimed to hit Russia’s financial, energy and transport sectors, and include export controls and trade financing bans.
The sanctions also seek to limit Russia’s access to sensitive technology, as well as aircraft components and equipment.
Japan has imposed sanctions targeting Russian financial institutions, military organisations and individuals in response to the invasion of Ukraine, Prime Minister Fumio Kishida announced on Friday.
The range of measures include freezing the assets of certain Russian individuals and financial institutions while also banning exports to Russian military organisations.
Australia Prime Minister Scott Morrison on Friday said that it would “begin imposing further sanctions on oligarchs, whose economic weight is of strategic significance to Moscow and over 300 members of the Russian Duma, their parliament.”
Canberra has imposed travel bans and sanctions on several Russians “aiding” a Ukrainian invasion
Foreign Minister Marise Payne is considering expelling Russia’s ambassador if need be.
New Zealand said it is prohibiting the export of goods to the Russian military and security forces in response to the invasion of Ukraine.
Prime Minister Jacinda Ardern on Friday announced that it would cut trade with Russia and impose travel bans against Russian officials as it continued to call for a return to diplomatic dialogue to resolve the crisis.
German Chancellor Olaf Scholz announced the halting of the process of certifying the Nord Stream 2 gas pipeline from Russia – a lucrative deal long sought by Moscow but criticised by the US for increasing Europe’s reliance on Russian energy.
The $11.6 billion project is owned by Russian state-owned gas giant Gazprom