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Sanctions are the punishments given to a country due to its inability to comply with its laws, orders, and rules. They enhance behavior change in irresponsible individuals who commit these conflicts and help fulfill comprehensive peace and security.
Some countries that practice this act include; North Korea, Syria, and Russia-Belarus. Russia, the most common country, happened on the 19th of December 2014. This is after the former U.S President, Barack Obama, imposed sanctions on Russia, hence forbidding the export of U.S goods and services to the country.
There are different types of sanctions that may be imposed, this includes;
Russia has been majorly affected economically; this includes factors such as trade. It is said to have failed to comply with debt payment for the first time and thus invaded Ukraine, hence major announcements that have limited its ability to compensate for the war.
Russia is known to have money for payments but has been unable to pay due to sanctions, and thus different financial measures have been undertaken. The major sanctions against Russia include; aviation, export, banking, and fossil fuels.
All Russian central bank assets have been frozen to stop it from using its billions of reserves in foreign currencies. The Russian government was removed from Swift, an artery that allows for the smooth and fast transfer of money globally.
This meant a slower means of transaction for Russia. This disrupted disbursement of money for its exports and energy. However, Swift claims that all decisions on imposition are fully the government's responsibility.
The Russian government was forced to create an alternative system for swift and thus created; [System for Transfer of Financial messages]. But, unfortunately, very few foreign countries used the means and thus led to losses to the government. Russia was also restricted from all sporting activities due to the Ukraine invasion.
The international sports governing bodies for hockey, soccer, and basketball called out all teams of Russia from participating in sports competitions with the president, Vladimir Putin, in the woke. As a result, many sporting activities have occurred without Russian players' participation.
Some restrictions were also put forth in that the export requirements for a license have changed for certain goods in that there is a ban on the exportation of dual-use items. This is because these items can be used for military and civil purposes like parts of a vehicle by foreign countries.
Many companies also avoid working together with Russia, thus including one of the biggest companies like; Coca-Cola, Shell, KFC, and BP.
The U.S treasury forbids Russia from making more debt disburses with funds subjects to the jurisdiction of the U.S. Russia was accused of using gas as a political weapon after it stopped its natural gas supply to Europe when it closed a turbine down on the North Stream 1 for fear of inadequate or any shortages. This move was taken to prove that Russia is still an energy superpower, and thus it could easily go against Europe when need be.
After the outbreak of war, countries like Germany were trying to find other energy sources, brought about by the partial shutoff of gas deliveries. The European economy had many difficulties to face and thus caused the gas to be sold at a very high price globally.
It followed up so unexpectedly that Russia banned the exportation of over 200 products. These include; vehicles, timber, electrical equipment, and agricultural products hence the blockage of interest payments to foreign investors with bonds with the government.
Wartime laws have been introduced; this includes laws such as the labor providers will have to work weekends and at night without any leave. The government is also forced to provide goods to the military at the request of the Russian government.
Russia has also ceased foreign investors with billions of dollars from selling Russian investments.
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