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ARTICLE · 07 APRIL 2022

Global Sanctions Imposed On Russia And Their Impact On India

Ongoing hostilities between Russia and Ukraine have resulted in spate of sanctions been imposed by several countries and the UN on Russia, Russian companies, and other specified individuals.

GlobalInternational Law

Ongoing hostilities between Russia and Ukraine have resulted in spate of sanctions been imposed by several countries and the UN on Russia, Russian companies, and other specified individuals. Amongst other countries, key sanctions have been imposed by the EU, UK, USA, and the UN. The sanctions have squeezed the economic and financial activity within Russia, they have also adversely impacted India's trade with Russia. An immediate impact has been the increase in price of certain commodities such as oil & gas, coal, and shipping. This note details the sanctions imposed on Russia.

Key EU sanctions:

  • Ban on selective Russian banks to use SWIFT messaging system.
  • Ban on transactions with the Central Bank of Russian Federation.

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