A Recent History of U.S. Sanctions on Russia
When Russian activities threaten U.S. interests, economic sanctions are often deployed as a deterrent.
A Recent History of U.S. Sanctions Against Russia
When a direct military confrontation is off the table, how should countries respond to acts of foreign aggression?
One tactic is sanctioning, which applies economic restrictions on a country’s government, businesses, and even individual citizens. In theory, these penalties create enough impact to dissuade further hostility.
Today, the U.S. maintains more sanctions than any other country, and one of its most comprehensive programs is aimed at Russia. To learn more, we’ve compiled an overview of these sanctions using data from the Congressional Research Service and U.S. Treasury.
Sanctions by Catalyst Event
Sanctions are often introduced after a President issues an executive order (EO) that declares a national emergency. This provides special powers to regulate commerce with an aggressor nation.
Our starting point will be Russia’s 2014 invasion of Ukraine, as this is where a majority of ongoing sanctions have originated.
Catalyst: 2014 Ukraine Invasion
On March 18, 2014, Russia annexed Crimea from Ukraine. This was denounced by the U.S. and its allies, leading them to impose wide-reaching sanctions. President Obama’s EOs are listed below.
Altogether, these sanctions affect 480 entities (includes businesses and government agencies), 253 individuals, 7 vessels, and 3 aircraft.
Sanctions against ships and planes may seem odd, but these assets are often owned by sanctioned entities. For example, in February 2022, France seized a cargo ship belonging to a sanctioned Russian bank.
Catalyst: U.S. Election Interference
The Obama, Trump, and Biden administrations have all imposed sanctions against Russia for its malicious cyber activities.
Altogether, these sanctions affect 106 entites, 136 individuals, 6 aircraft, and 2 vessels. A critical target is the Internet Research Agency (IRA), a Russian company notorious for its online influence operations.
Prior to the 2016 election, 3,000 IRA-sponsored ads reached up to 10 million Americans on Facebook. This problem escalated in the run-up to the 2020 election, with 140 million Americans being exposed to propaganda on a monthly basis.››Í
Catalyst: Various Geopolitical Dealings
The U.S. maintains various sanctions designed to counteract Russian influence in Syria, Venezuela, and North Korea.
These sanctions impact 23 entities, 17 individuals, and 7 vessels. Specific entities include Rosoboronexport, a state-owned arms exporter which was sanctioned for supplying the Syrian government.
As of December 2020, Syria’s government was responsible for the deaths of 156,329 people (civilians and combatants) in the civil war.
Catalyst: Chemical Poisonings of Individuals
The Russian government has been accused of poisoning two individuals in recent years.
The first incident involved Sergei Skripal, a former Russian intelligence officer who was allegedly poisoned in March 2018 on UK soil. The second, Alexei Navalny, a Russian opposition leader, was allegedly poisoned in August 2020.
The Chemical and Biological Weapons Control and Warfare Elimination Act of 1991 (CBW Act) allows sanctions against foreign governments that use chemical weapons. Nine individuals and five entities were sanctioned as a result of the two cases.
Catalyst: 2022 Ukraine Invasion
The U.S. has introduced many more sanctions in response to Russia’s latest invasion of Ukraine.
EO 14024, which was issued in February 2022, targets Russia’s major financial institutions and their subsidiaries (83 entities in total). Included in this list are the country’s two largest banks, Sberbank and VTB Bank. Together, they hold more than half of all Russian banking assets.
Also targeted are 13 private and state-owned companies deemed to be critical to the Russian economy. Included in this 13 are Rostelecom, Russia’s largest digital services provider, and Alrosa, the world’s largest diamond mining company.
Do Sanctions Work?
Proving that a sanction was solely responsible for an outcome is impossible, though there have been successes in the past. For example, many agree that sanctions played an important role in ending Libya’s weapons of mass destruction programs.
Critics of sanctions argue that imposing economic distress on a country can lead to unintended consequences. One of these is a shift away from the U.S. financial system.
“There is no alternative to the dollar and no export market as attractive as the United States. But if Washington continues to force other nations to go along with policies that they consider both illegal and unwise … they are likely to shift away from the United States’ economy and financial system.”
In other words, sanctions can create an impact as long as the U.S. dollar continues to reign supreme.