The U.S. and four dozen other countries have imposed punishing sanctions on Russia in reaction to its invasion of Ukraine on Feb. 24, 2022. The sanctions were unprecedented in their scope and severity for an economy of Russia’s size.
The initial sanctions included the freezing of Russian assets abroad and a ban on the export of key technologies to Russia. Over the course of 2022, the sanctions were ratcheted up significantly as the European Union eventually phased in a radical reduction of the purchase of Russian oil and gas. Separately, over 1,200 Western companies closed their operations in Russia.
