Russia slammed with a new round of international sanctions amid illegal annexation of Ukraine

On Friday 30 September, Russian President Vladimir Putin invited the Russian-installed officials of four regions in Ukraine to sign formal incorporation decrees.

This move marks Russia's illegal annexation of the four southeastern regions of Ukraine including Donetsk, Luhansk, Kherson, andZaporizhzhia, which constitute one-fifth of the entire Ukrainian territory. A move which CNNcalled the ‘largest forcible annexation of land in Europe since 1945’.

As a result, the United States, the European Union, and the UK have introduced a new round of sanctions on Russia.

The US targets top officials, defense and tech industries

TheNew York Times reports that the US has imposed a new round of sanctions on Russia, specifically targeting the technology and defense industries, and cutting offtop officials and their families from global commerce.

Citing the US Treasury Department, 14 international companies, which are vital to the supply chains of the Russian war machine, are targeted.

The New York Times also describes an 'entity list' which limits commercial transactions. In this round, 57 entities are added on the list bringing the total to 392 companies.

Additionally, nearly 300 members of the Russian parliament have been placed on the sanctions list.

A unified western response

The illegalactions of Russia on Ukrainian territory triggered a united response by the west. Besides the US, the EU and the UK imposed a new round of sanctions as well.

Euronews reports that the EU is seeking to ban the import of various Russian products and in this way deprive over $7 billion in profits.

The EU is also seeking to impose a price ceiling on Russian oil, and prohibit the sale of European military, aviation, electronic and chemical goods that benefit Russia's war machine.

The actions sought will also restrict 'EU nationals from sitting on governing boards of Russia's state-owned companies'.

As the New York Times reports, the UK has likewise announced a new suite of sanctions last week:

targeting key services and placing a ban on 700 goods that are crucial to Russia’s industrial and technological capabilities.

Nevertheless, the west is still hesitating to impose sanctions on Russian oil and gas, which is the Kremlin's largest source of income. The New York Times claims that Russia has been making more money out of its oil and gas since the start of the Ukraine War.

Sources used:

- CNN:‘Zelensky again calls Moscow's annexation claims a "farce"’

- NewYork Times: ‘Putin’s speech on annexation paints a stark picture of a face-off with the West.’

- Euronews: ‘EU proposes fresh sanctions on Russia after 'sham referendums' in Ukraine’

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