Sanctions in Response to Russian Invasion of Ukraine #2

CURRENT AS OF 9 PM ET, 26 FEBRUARY

Castellum.AI is seeking to provide a resource compiling sanctions data targeting Russia for its ongoing invasion of Ukraine. This data is available for public use. If you would like the raw data, contact us.

This is the second edition of our ongoing coverage. The first edition covering sanctions from 24 January to 24 February is available here.

Sanctions policy is developing quickly. Since the data to prepare this update was extracted, the US, EU, UK, and Canada announced new sanctions initiatives. Those measures, which include restrictions on certain Russian banks’ access to SWIFT and the Central Bank of Russia’s access to foreign reserves, have not been formally implemented as of writing, but we expect implementation in the coming days. 

The most publicized changes in the last 24 hours are also the most hard to see via chart. The US and UK announced sanctions against Vladimir Putin and Foreign Minister Sergei Lavrov. The US also designated Defense Minister Shoigu and General Gerasimov.

New designations targeting individuals outweighed new entity designations in the last two days. The US announced 94 entity designations on 24 February, many targeting Russian banks’ correspondent bank access. Similar measures have not been adopted elsewhere.

However, there is increasing convergence among Western sanctions. The EU was the first to adopt sanctions against 351 Russian Duma members who voted in favor of recognizing the independence of the Russian-backed separatist regions immediately preceding Russia’s invasion. Canada, Australia, and Switzerland have since followed suit.

More far-reaching economic packages have also been announced but not yet adopted. Following changes in position among a number of leading EU states, restrictions on SWIFT were announced today and will remove Russian banks from the Brussels-based payment message clearing house.

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